3.1财务报表和补充信息

3.1. Financial Statements and Supplementary Information

一套完整的财务报表包括财务状况表（即资产负债表）、综合收益表（即单一的综合收益表或利润表和综合收益表）、权益变动表和现金流量表。资产负债表反映公司在特定时点的财务状况。综合收益表和现金流量表分别从不同方面反映公司在一段时间内的经营业绩。权益变动表则提供有关公司财务状况变化的补充信息。此外，随附的必要附注（或脚注）也是一套完整财务报表不可或缺的组成部分。

A complete set of financial statements include a statement of financial position (i.e., a balance sheet), a statement of comprehensive income (i.e., a single statement of comprehensive income or an income statement and a statement of comprehensive income), a statement of changes in equity, and a statement of cash flows.1 The balance sheet portrays the company’s financial position at a given point in time. The statement of comprehensive income and statement of cash flows present different aspects of a company’s performance over a period of time. The statement of changes in equity provides additional information regarding the changes in a company’s financial position. In addition, the accompanying required notes, or footnotes, are considered an integral part of a complete set of financial statements.

除了必要的财务报表外，公司通常还会在其财务报告中提供其他信息。在许多司法管辖区，监管机构或会计准则委员会强制要求提供部分或全部此类附加信息。这些附加信息可能包括公司董事长的信函、管理层对业绩的讨论报告（通常称为管理层讨论与分析[MD&A]或管理层评论）、提供保证的外部审计师报告、描述公司董事会结构的治理报告以及企业社会责任报告。作为分析的一部分，财务分析师应阅读并评估这些附加信息以及财务报表。以下各节将描述并举例说明每份财务报表和部分附加信息。

Along with the required financial statements, a company typically provides additional information in its financial reports. In many jurisdictions, some or all of this additional information is mandated by regulators or accounting standards boards. The additional information provided may include a letter from the chairman of the company, a report from management discussing the results (typically called management discussion and analysis [MD&A] or management commentary), an external auditor’s report providing assurances, a governance report describing the structure of the company’s board of directors, and a corporate responsibility report. As part of his or her analysis, the financial analyst should read and assess this additional information along with the financial statements. The following sections describe and illustrate each financial statement and some of the additional information.

3.2其他信息来源

3.2. Other Sources of Information

第3.1节所述信息通常至少每年向股东提供一次。此外，公司还会提供有关管理层和董事薪酬、公司股票表现以及管理层、董事会和股东之间可能存在的任何潜在利益冲突的信息。这些信息可能出现在公司的年度报告或其他公开文件中。上市公司通常会在委托书中提供这些信息，委托书会分发给股东，用于说明将在年度（或特别）股东大会上进行表决的事项。

The information described in Section 3.1 is generally provided to shareholders at least annually. In addition, companies also provide information on management and director compensation, company stock performance, and any potential conflicts of interest that may exist between management, the board, and shareholders. This information may appear in the company’s annual report or other publicly available documents. Public companies often provide this information in proxy statements, which are distributed to shareholders about matters that are to be put to a vote at the annual (or special) meeting of shareholders.

公司还会根据适用的监管要求，每半年或每季度提供中期报告。中期报告通常列示四项主要财务报表及简明附注，但未经审计。这些中期报告提供公司自上一年度以来的业绩和财务状况的最新信息。

Interim reports are also provided by the company either semiannually or quarterly, depending on the applicable regulatory requirements. Interim reports generally present the four primary financial statements and condensed notes but are not audited. These interim reports provide updated information on a company’s performance and financial position since the last annual period.

公司还会通过网站、新闻稿以及与分析师和投资者的电话会议提供相关的最新信息。分析师通常认为，定期发布的盈利公告尤为重要。盈利公告通常在公司正式提交财务报表之前发布。盈利公告发布后，公司高管通常会召开电话会议，介绍公司业绩并回答与会者提出的问题。盈利电话会议结束后，公司网站的投资者关系页面可能会发布会议录音，并附上幻灯片和相关补充信息。

Companies also provide relevant current information on their websites, in press releases, and in conference calls with analysts and investors. One type of press release, which analysts often consider to be particularly important, is the periodic earnings announcement. The earnings announcement often happens well before the company files its formal financial statements. Such earnings announcements are often followed by a conference call in which the company’s senior executives describe the company’s performance and answer questions posed by conference call participants. Following the earnings conference call, the investor relations portion of the company’s website may post a recording of the call accompanied by slides and supplemental information that was discussed.

在进行财务报表分析时，分析师应审查所有公司内部信息来源，以及来自外部经济、行业、公司自身和同业（可比）公司的信息。有关经济、行业和同业公司的信息有助于全面了解公司的财务业绩和市场地位，并评估公司的未来发展。在大多数情况下，来自公司以外的信息来源对分析师的工作效率至关重要。例如，研究消费品公司的分析师通常会寻求直接体验产品的机会（品尝食品或饮料、使用洗发水或肥皂、参观商店或酒店）。关注高度监管行业的分析师会研究现有的和预期的相关法规。关注技术性强的行业的分析师会亲自获取相关专业知识，或寻求技术专家的意见。总之，深入的研究远不止于财务报告。

When performing financial statement analysis, analysts should review all these company sources of information as well as information from external sources regarding the economy, the industry, the company, and peer (comparable) companies. Information on the economy, industry, and peer companies is useful in putting the company’s financial performance and position in perspective and in assessing the company’s future. In most cases, information from sources apart from the company is crucial to an analyst’s effectiveness. For example, an analyst studying a consumer-oriented company will typically seek direct experience with the products (taste the food or drink, use the shampoo or soap, visit the stores or hotels). An analyst following a highly regulated industry will study the existing and expected relevant regulations. An analyst following a highly technical industry will gain relevant expertise personally or seek input from a technical specialist. In sum, thorough research goes beyond financial reports.

下一节将介绍如何利用所有这些信息进行财务报表分析的框架。

The next section presents a framework for using all this information in financial statement analysis.

4.1阐明分析的目的和背景

4.1. Articulate the Purpose and Context of Analysis

在进行任何分析之前，必须先了解分析的目的。由于财务报表分析方法众多且数据量庞大，因此理解分析目的在财务报表分析中尤为重要。

Prior to undertaking any analysis, it is essential to understand the purpose of the analysis. An understanding of the purpose is particularly important in financial statement analysis because of the numerous available techniques and the substantial amount of data.

有些分析任务定义明确，在这种情况下，分析师只需阐明分析目的即可，无需过多决策。例如，对投资级债券组合进行定期信用审查，或撰写针对特定公司的股票分析师报告，都可能遵循机构规范，因此分析目的已明确给出。此外，报告的格式、程序和/或信息来源也可能已明确规定。

Some analytical tasks are well defined, in which case articulating the purpose of the analysis requires little decision making by the analyst. For example, a periodic credit review of an investment-grade debt portfolio or an equity analyst’s report on a particular company may be guided by institutional norms such that the purpose of the analysis is given. Furthermore, the format, procedures, and/or sources of information may also be given.

对于其他分析任务，阐明分析目的需要分析人员做出决策。分析目的将指导后续决策，包括分析方法、工具、数据来源、分析结果报告格式以及分析各个方面相对重要性。

For other analytical tasks, articulating the purpose of the analysis requires the analyst to make decisions. The purpose of an analysis guides further decisions about the approach, the tools, the data sources, the format in which to report the results of the analysis, and the relative importance of different aspects of the analysis.

面对大量数据时，经验不足的分析师可能会急于求成，直接开始计算并生成财务比率，而忽略了哪些信息与当前决策相关。通常建议抵制这种冲动，以免徒劳无功。不妨思考以下问题：如果所有计算和比率都能立即完成，您能得出什么结论？您能回答什么问题？您的答案会支持什么决策？

When facing a substantial amount of data, a less experienced analyst may be tempted to just start making calculations and generating financial ratios without considering what is relevant for the decision at hand. It is generally advisable to resist this temptation and thus avoid unnecessary or pointless efforts. Consider the questions: If you could have all the calculations and ratios completed instantly, what conclusion would you be able to draw? What question would you be able to answer? What decision would your answer support?

分析师还应在此阶段明确分析背景。目标受众是谁？最终成果是什么——例如，一份阐述结论和建议的最终报告？时间框架是什么（即报告何时提交）？完成分析需要哪些资源以及资源限制？同样，分析背景也可以是预先设定的（例如，遵循标准流程和机构规范）。

The analyst should also define the context at this stage. Who is the intended audience? What is the end product—for example, a final report explaining conclusions and recommendations? What is the time frame (i.e., when is the report due)? What resources and resource constraints are relevant to completion of the analysis? Again, the context may be predefined (i.e., standard and guided by institutional norms).

在明确了财务报表分析的目的和背景之后，分析师接下来应该列出需要通过分析解答的具体问题。例如，如果财务报表分析（或者更可能是更大型分析的特定阶段）的目的是比较三家在同一行业运营的公司的历史业绩，那么具体问题将包括：这些公司的相对增长率是多少？它们的相对盈利能力又是多少？

Having clarified the purpose and context of the financial statement analysis, the analyst should next compile the specific questions to be answered by the analysis. For example, if the purpose of the financial statement analysis (or, more likely, the particular stage of a larger analysis) is to compare the historical performance of three companies operating in a particular industry, specific questions would include the following: What has been the relative growth rate of the companies, and what has been their relative profitability?

4.2收集数据

4.2. Collect Data

接下来，分析师需要获取回答具体问题所需的数据。这一步骤的关键在于了解公司的业务、财务业绩和财务状况（包括历史趋势以及与同业公司的比较）。对于历史分析而言，在某些情况下，仅凭财务报表数据就足够了。例如，要筛选大量公司以找到那些盈利能力达到最低水平的公司，仅凭财务报表数据就足够了。但要回答更深入的问题，例如一家公司业绩优于或劣于竞争对手的原因和方式，则需要更多信息。再举一个例子，要比较特定行业中两家公司的历史业绩，历史财务报表足以确定哪家公司的销售额或收益增长更快，哪家公司的盈利能力更强。然而，要与整个行业的增长和盈利能力进行更广泛的比较，显然需要行业数据。

Next, the analyst obtains the data required to answer the specific questions. A key part of this step is obtaining an understanding of the company’s business, financial performance, and financial position (including trends over time and in comparison with peer companies). For historical analyses, financial statement data alone are adequate in some cases. For example, to screen a large number of companies to find those with a minimum level of profitability, financial statement data alone would be adequate. But to address more in-depth questions, such as why and how one company performed better or worse than its competitors, additional information would be required. As another example, to compare the historical performance of two companies in a particular industry, the historical financial statements would be sufficient to determine which had faster-growing sales or earnings and which was more profitable. However, a broader comparison with overall industry growth and profitability would obviously require industry data.

此外，了解经济和行业信息对于理解公司所处的经营环境至关重要。分析师通常采用自上而下的方法，即：1）了解宏观经济环境，例如经济增长和通货膨胀前景；2）基于预期的宏观经济环境，分析公司所在行业的前景；3）在预期的行业和宏观经济环境下，确定公司自身的发展前景。例如，分析师可能需要预测公司未来的盈利增长。公司过往数据为统计预测提供了基础；然而，对经济和行业状况的了解可以提高分析师预测盈利的能力。

Furthermore, information on the economy and industry is necessary to understand the environment in which the company operates. Analysts often take a top-down approach whereby they 1) gain an understanding of the macroeconomic environment, such as prospects for growth in the economy and inflation, 2) analyze the prospects of the industry in which the company operates, based on the expected macroeconomic environment, and 3) determine the prospects for the company given the expected industry and macroeconomic environments. For example, an analyst may need to forecast future growth in earnings for a company. Past company data provide the platform for statistical forecasting; however, an understanding of economic and industry conditions can improve the analyst’s ability to forecast earnings.

4.3处理数据

4.3. Process Data

在获取必要的财务报表和其他信息后，分析师会使用适当的分析工具处理这些数据。例如，数据处理可能包括计算比率或增长率；编制通用格式的财务报表；创建图表；进行统计分析，例如回归分析或蒙特卡罗模拟；进行股权估值；进行敏感性分析；或使用任何其他可用且适合该任务的分析工具或工具组合。此阶段的全面财务分析应包括以下内容：

After obtaining the requisite financial statement and other information, the analyst processes these data using appropriate analytical tools. For example, processing the data may involve computing ratios or growth rates; preparing common-size financial statements; creating charts; performing statistical analyses, such as regressions or Monte Carlo simulations; performing equity valuation; performing sensitivity analyses; or using any other analytical tools or combination of tools that are available and appropriate for the task. A comprehensive financial analysis at this stage would include the following:

• 阅读和评估每家被分析公司的财务报表。这包括阅读附注，了解使用了哪些会计准则（例如，国际财务报告准则或美国通用会计准则），做出了哪些会计选择（例如，何时在损益表中报告收入），以及做出了哪些影响已报告财务报表的经营决策（例如，租赁还是购买设备）。

• Reading and evaluating financial statements for each company being analyzed. This includes reading the notes and understanding what accounting standards have been used (for example, IFRS or US GAAP), what accounting choices have been made (for example, when to report revenue on the income statement), and what operating decisions have been made that affect reported financial statements (for example, leasing versus purchasing equipment).

• 当目标公司未经调整的财务报表反映出会计准则、会计选择或经营决策方面的差异时，需要对财务报表进行必要的调整，以便进行比较。请注意，常用数据库并非总是进行此类分析师调整。

• Making any needed adjustments to the financial statements to facilitate comparison when the unadjusted statements of the subject companies reflect differences in accounting standards, accounting choices, or operating decisions. Note that commonly used databases do not always make such analyst adjustments.

• 编制或收集通用格式财务报表数据（将数据按比例缩放，以直接反映百分比[例如，销售额百分比]或变化[例如，与上年相比]）和财务比率（基于财务报表要素衡量公司业绩各个方面的指标）。分析师可以根据通用格式财务报表和财务比率，评估公司相对于其过往业绩和/或同业业绩的相对盈利能力、流动性、杠杆率、效率和估值。

• Preparing or collecting common-size financial statement data (which scale data to directly reflect percentages [e.g., of sales] or changes [e.g., from the prior year]) and financial ratios (which are measures of various aspects of corporate performance based on financial statement elements). On the basis of common-size financial statements and financial ratios, analysts can evaluate a company’s relative profitability, liquidity, leverage, efficiency, and valuation in relation to past results and/or peers’ results.

4.4分析/解释处理后的数据

4.4. Analyze/Interpret the Processed Data

数据处理完成后，下一步——也是任何分析的关键步骤——就是解读输出结果。特定问题的答案很少仅仅是数值答案。相反，答案取决于分析师对输出结果的解读，以及利用这种解读来支持结论或建议。特定分析问题的答案本身可能就能实现分析的根本目的，但通常情况下，还需要得出结论或建议。例如，股票分析可能需要给出买入、持有或卖出的建议，或者得出关于股票价值的结论。为了支持决策，分析会引用诸如目标值、相对表现、基于公司战略地位的预期未来表现、管理质量以及其他任何影响决策的信息。

Once the data have been processed, the next step—critical to any analysis—is to interpret the output. The answer to a specific question is seldom the numerical answer alone. Rather, the answer relies on the analyst’s interpretation of the output, and the use of this interpreted output to support a conclusion or recommendation. The answers to the specific analytical questions may themselves achieve the underlying purpose of the analysis, but usually, a conclusion or recommendation is required. For example, an equity analysis may require a buy, hold, or sell recommendation or a conclusion about the value of a share of stock. In support of the decision, the analysis would cite such information as target value, relative performance, expected future performance given a company’s strategic position, quality of management, and whatever other information influenced the decision.

4.5制定并传达结论/建议

4.5. Develop and Communicate Conclusions/Recommendations

下一步是以适当的格式传达结论或建议。适当的格式会因分析任务、机构和/或受众而异。例如，股票分析师的报告通常包含以下几个部分：

Communicating the conclusion or recommendation in an appropriate format is the next step. The appropriate format will vary by analytical task, by institution, and/or by audience. For example, an equity analyst’s report would typically include the following components:

• 总结和投资结论；

• summary and investment conclusion;

• 盈利预测；

• earnings projections;

• 估值；

• valuation;

• 业务概要；

• business summary;

• 风险、行业和竞争分析；

• risk, industry, and competitive analysis;

• 历史表现；以及

• historical performance; and

• 预测。

• forecasts.

报告的内容也可能由监管机构或专业标准规定。例如，CFA协会的《执业标准手册》（以下简称“手册”）规定了在传达建议时必须遵循的标准。根据该手册：

The contents of reports may also be specified by regulatory agencies or professional standards. For example, the CFA Institute Standards of Practice Handbook (Handbook) dictates standards that must be followed in communicating recommendations. According to the Handbook:

标准V(B)规定，会员和候选人应在投资建议中阐明做出该建议的关键因素。此项要求的一个关键部分是明确区分观点和事实。在撰写研究报告时，会员或候选人必须介绍所分析证券的基本特征，以便读者评估报告并采纳其认为与自身投资决策过程相关的信息。9

Standard V(B) states that members and candidates should communicate in a recommendation the factors that were instrumental in making the investment recommendation. A critical part of this requirement is to distinguish clearly between opinions and facts. In preparing a research report, the member or candidate must present the basic characteristics of the security(ies) being analyzed, which will allow the reader to evaluate the report and incorporate information the reader deems relevant to his or her investment decision making process.9

手册要求披露分析的局限性以及投资固有的任何风险。此外，手册还要求任何报告都必须包含对分析和结论至关重要的要素，以便读者能够自行评估结论 。

The Handbook requires that limitations to the analysis and any risks inherent to the investment be disclosed. Furthermore, it requires that any report include elements important to the analysis and conclusions so that readers can evaluate the conclusions themselves.

4.6后续行动

4.6. Follow-Up

报告完成后，流程并未结束。如果进行了股权投资或授予了信用评级，则需要定期审查，以确定最初的结论和建议是否仍然有效。对于被否决的投资，后续审查可能并非必要，但有助于确定分析过程是否充分或需要改进（例如，如果一项被否决的投资最终在市场上取得成功，则可能是由于分析不足）。后续审查可能涉及定期重复流程中的所有步骤。

The process does not end with the report. If an equity investment is made or a credit rating is assigned, periodic review is required to determine if the original conclusions and recommendations are still valid. In the case of a rejected investment, follow-up may not be necessary but may be useful in determining whether the analytical process is adequate or should be refined (for example, if a rejected investment turns out to be successful in the market, perhaps the rejection was due to inadequate analysis). Follow-up may involve repeating all the previous steps in the process on a periodic basis.

练习题

Practice Problems

© 2017 CFA协会。版权所有。

© 2017 CFA Institute. All rights reserved.

1. 向用户提供公司业绩和财务状况信息，以便他们做出经济决策，这最能描述以下哪项职能？

   1. 审计。

   2. 财务报告。

   3. 财务报表分析。

1. Providing information about the performance and financial position of companies so that users can make economic decisions best describes the role of:

   1. auditing.

   2. financial reporting.

   3. financial statement analysis.

2. 以下哪项最能描述财务报表分析的作用？

   1. 提供有关公司业绩的信息

   2. 提供有关公司财务状况变化的信息

   3. 形成对公司未来业绩和财务状况的预期

2. Which of the following best describes the role of financial statement analysis?

   1. To provide information about a company’s performance

   2. To provide information about a company’s changes in financial position

   3. To form expectations about a company’s future performance and financial position

3. 财务报表分析的作用可以概括为：

   1. 提供有助于投资决策的信息。

   2. 对公司进行评估，以做出经济决策。

   3. 利用分析师编制的财务报告来做出经济决策。

3. The role of financial statement analysis is best described as:

   1. providing information useful for making investment decisions.

   2. evaluating a company for the purpose of making economic decisions.

   3. using financial reports prepared by analysts to make economic decisions.

4. 评估 公司财务状况的最佳方法是使用：

   1. 资产负债表。

   2. 损益表。

   3. 现金流量表。

4. A company’s financial position would best be evaluated using the:

   1. balance sheet.

   2. income statement.

   3. statement of cash flows.

5. 评估 公司某一时期的盈利能力，最佳方法是使用：

   1. 资产负债表。

   2. 损益表。

   3. 现金流量表。

5. A company’s profitability for a period would best be evaluated using the:

   1. balance sheet.

   2. income statement.

   3. statement of cash flows.

6. 列示股东对资产剩余索偿权的财务报表是：

   1. 资产负债表。

   2. 损益表。

   3. 现金流量表。

6. The financial statement that presents a shareholder’s residual claim on assets is the:

   1. balance sheet.

   2. income statement.

   3. cash flow statement.

7. 评估一家公司一段时间内的盈利能力，最佳方法是使用：

   1. 资产负债表。

   2. 损益表。

   3. 现金流量表。

7. A company’s profitability over a period of time is best evaluated using the:

   1. balance sheet.

   2. income statement.

   3. cash flow statement.

8. 损益表最适合用于评估一家公司的以下方面：

   1. 财务状况。

   2. 现金流来源。

   3. 业务活动的财务业绩。

8. The income statement is best used to evaluate a company’s:

   1. financial position.

   2. sources of cash flow.

   3. financial results from business activities.

9. 编制财务报表所使用的会计政策、方法和估计最有可能出现在以下文件中：

   1. 审计报告。

   2. 管理层评论。

   3. 财务报表附注。

9. Accounting policies, methods, and estimates used in preparing financial statements are most likely to be found in the:

   1. auditor’s report.

   2. management commentary.

   3. notes to the financial statements.

10. 管理层和董事薪酬信息最不可能在以下位置找到：

    1. 审计报告。

    2. 委托书。

    3. 财务报表附注。

10. Information about management and director compensation are least likely to be found in the:

    1. auditor’s report.

    2. proxy statement.

    3. notes to the financial statements.

11. 有关公司目标、战略和重大风险的信息最有可能在以下位置找到：

    1. 审计报告。

    2. 管理层评论。

    3. 财务报表附注。

11. Information about a company’s objectives, strategies, and significant risks are most likely to be found in the:

    1. auditor’s report.

    2. management commentary.

    3. notes to the financial statements.

12. 以下哪项最能解释为什么需要财务报表附注？附注：

    1. 允许在报表编制方面具有灵活性。

    2. 统一各公司的财务报告标准。

    3. 提供理解财务报表所需的信息。

12. Which of the following best describes why the notes that accompany the financial statements are required? The notes:

    1. permit flexibility in statement preparation.

    2. standardize financial reporting across companies.

    3. provide information necessary to understand the financial statements.

13. 在分析财务报表时，哪种类型的审计意见更受青睐？

    1. 合格的。

    2. 不利的。

    3. 不合格。

13. What type of audit opinion is preferred when analyzing financial statements?

    1. Qualified.

    2. Adverse.

    3. Unqualified.

14. 审计师认定，除存货报告外，公司财务报表均按照适用的会计准则编制。此项例外最有可能导致以下审计意见：

    1. 不利的。

    2. 合格的。

    3. 不合格。

14. An auditor determines that a company’s financial statements are prepared in accordance with applicable accounting standards except with respect to inventory reporting. This exception is most likely to result in an audit opinion that is:

    1. adverse.

    2. qualified.

    3. unqualified.

15. 独立审计报告最有可能提供以下信息：

    1. 对财务报表的准确性绝对有保证。

    2. 有理由保证财务报表公允列报。

    3. 对财务报表的透明度发表了保留意见。

15. An independent audit report is most likely to provide:

    1. absolute assurance about the accuracy of the financial statements.

    2. reasonable assurance that the financial statements are fairly presented.

    3. a qualified opinion with respect to the transparency of the financial statements.

16. 公司发布的临时财务报告最有可能属于以下几种类型：

    1. 每月一次。

    2. 未经审计。

    3. 不合格。

16. Interim financial reports released by a company are most likely to be:

    1. monthly.

    2. unaudited.

    3. unqualified.

17. 分析师使用的以下哪些信息来源不在公司年报中？

    1. 审计报告

    2. 同业公司分析

    3. 管理层讨论与分析

17. Which of the following sources of information used by analysts is found outside a company’s annual report?

    1. Auditor’s report

    2. Peer company analysis

    3. Management’s discussion and analysis

18. 比率是财务报表分析框架中哪个步骤的输入数据？

    1. 处理数据。

    2. 收集输入数据。

    3. 分析/解释处理后的数据。

18. Ratios are an input into which step in the financial statement analysis framework?

    1. Process data.

    2. Collect input data.

    3. Analyze/interpret the processed data.

19. 财务报表分析框架中的哪个阶段最有可能涉及 生成更新的报告和建议？

    1. 后续

    2. 分析/解释处理后的数据

    3. 形成并传达结论和建议

19. Which phase in the financial statement analysis framework is most likely to involve producing updated reports and recommendations?

    1. Follow-up

    2. Analyze/interpret the processed data

    3. Develop and communicate conclusions and recommendations

解决方案

Solutions

1. B选项正确。这是财务报告的作用。财务报表分析的作用是评估财务报告。

1. B is correct. This is the role of financial reporting. The role of financial statement analysis is to evaluate the financial reports.

2. C选项正确。一般来说，分析师会考察公司过去和当前的业绩及财务状况，以便对其未来的业绩和财务状况形成预期。

2. C is correct. In general, analysts seek to examine the past and current performance and financial position of a company in order to form expectations about its future performance and financial position.

3. B选项正确。财务报表分析的主要作用是利用公司编制的财务报告来评估其过去、现在和潜在的业绩和财务状况，以便做出投资、信贷和其他经济决策。

3. B is correct. The primary role of financial statement analysis is to use financial reports prepared by companies to evaluate their past, current, and potential performance and financial position for the purpose of making investment, credit, and other economic decisions.

4. A选项正确。资产负债表反映的是公司在特定日期的财务状况。利润表和现金流量表则反映了公司在同一时期内的不同经营业绩。

4. A is correct. The balance sheet portrays the company’s financial position on a specified date. The income statement and statement of cash flows present different aspects of performance during the period.

5. B选项正确。盈利能力是损益表衡量的业绩指标。资产负债表反映的是财务状况。现金流量表则从另一个角度展现了业绩。

5. B is correct. Profitability is the performance aspect measured by the income statement. The balance sheet portrays the financial position. The statement of cash flows presents a different aspect of performance.

6. A选项正确。所有者权益是指所有者在扣除公司负债后，对公司资产的剩余权益（即剩余索取权），这部分信息会在资产负债表上列示。

6. A is correct. Owners’ equity is the owners’ residual interest in (i.e., residual claim on) the company’s assets after deducting its liabilities, which is information presented on the balance sheet.

7. B选项正确。评估公司盈利能力的最佳方法是使用损益表。损益表通过列示公司在一段时间内的经营活动财务结果，包括产生的收入和为产生这些收入而发生的费用，来呈现公司的整体经营状况。

7. B is correct. A company’s profitability is best evaluated using the income statement. The income statement presents information on the financial results of a company’s business activities over a period of time by communicating how much revenue was generated and the expenses incurred to generate that revenue.

8. C选项正确。公司的收入和支出列于损益表中，损益表用于评估公司在一段时间内的经营活动所产生的财务业绩（或盈利能力）。评估公司财务状况的最佳方法是使用资产负债表。评估公司现金流量来源的最佳方法是使用现金流量表。

8. C is correct. A company’s revenues and expenses are presented on the income statement, which is used to evaluate a company’s financial results (or profitability) from business activities over a period of time. A company’s financial position is best evaluated by using the balance sheet. A company’s sources of cash flow are best evaluated using the cash flow statement.

9. C选项正确。注释揭示了会计政策、方法和估计方面的选择。

9. C is correct. The notes disclose choices in accounting policies, methods, and estimates.

10. A选项正确。审计报告中并未包含有关管理层和董事薪酬的信息。管理层薪酬的披露需要在委托书中进行，部分管理层薪酬信息也会在财务报表附注中披露。

10. A is correct. Information about management and director compensation is not found in the auditor’s report. Disclosure of management compensation is required in the proxy statement, and some aspects of management compensation are disclosed in the notes to the financial statements.

11. B选项正确。这些是管理评论的组成部分。

11. B is correct. These are components of management commentary.

12. C选项正确。注释提供了理解主要陈述中信息所必需的信息。

12. C is correct. The notes provide information that is essential to understanding the information provided in the primary statements.

13. C选项正确。无保留意见是“干净的”意见，表明财务报表按照既定的会计准则公允地反映了公司的经营业绩和财务状况。

13. C is correct. An unqualified opinion is a “clean” opinion and indicates that the financial statements present the company’s performance and financial position fairly in accordance with a specified set of accounting standards.

14. B选项正确。保留意见的审计报告是指审计范围存在某些限制或对会计准则存在例外情况。审计报告中会用额外的解释性段落描述这些例外情况，以便审计人员能够判断其重要性。

14. B is correct. A qualified audit opinion is one in which there is some scope limitation or exception to accounting standards. Exceptions are described in the audit report with additional explanatory paragraphs so that the analyst can determine the importance of the exception.

15. B选项正确。独立审计报告能够合理保证财务报表公允列报，这意味着经审计的财务报表极有可能不存在对财务报表有直接影响的重大错误、舞弊或违法行为。

15. B is correct. The independent audit report provides reasonable assurance that the financial statements are fairly presented, meaning that there is a high probability that the audited financial statements are free from material error, fraud, or illegal acts that have a direct effect on the financial statements.

16. B选项正确。中期报告通常每半年或每季度发布，列示四项基本财务报表及简明附注。中期报告未经审计。“无保留意见”是一种审计意见。

16. B is correct. Interim reports are typically provided semiannually or quarterly and present the four basic financial statements and condensed notes. They are not audited. Unqualified is a type of audit opinion

17. B选项正确。在进行财务报表分析时，分析师应审查公司所有信息来源，以及来自外部来源的有关经济、行业、公司和同业（可比）公司的信息。

17. B is correct. When performing financial statement analysis, analysts should review all company sources of information as well as information from external sources regarding the economy, the industry, the company, and peer (comparable) companies.

18. C选项正确。比率是过程数据步骤的输出，但却是分析/解释数据步骤的输入。

18. C is correct. Ratios are an output of the process data step but are an input into the analyze/interpret data step.

19. A选项正确。后续阶段包括收集信息并重复分析，以确定是否需要更新报告和建议。

19. A is correct. The follow-up phase involves gathering information and repeating the analysis to determine whether it is necessary to update reports and recommendations.

3.1会计准则委员会

3.1. Accounting Standards Boards

几乎每个国家都设有会计准则委员会。这些委员会通常是独立的、私营的、非营利组织。这些准则制定机构通常具有一些共同的特征——本节将以国际会计准则理事会（IASB）和美国财务会计准则委员会（FASB）为例进行重点讨论。

Accounting standards boards exist in virtually every national market. These boards are typically independent, private, not-for-profit organizations. There are certain attributes that are typically common to these standard setters—the IASB and the FASB are discussed in this section as primary examples.

3.2监管机构

3.2. Regulatory Authorities

按照特定会计准则编制财务报告是监管机构的责任。监管机构是政府实体，拥有法律授权，可以强制执行财务报告要求，并对在其管辖范围内参与资本市场的实体实施其他控制。监管机构可以要求财务报告按照一套特定的会计准则编制，也可以指定可接受的会计准则。例如，在瑞士，总部位于瑞士并在瑞士证券交易所主板上市的跨国公司必须按照国际财务报告准则（IFRS）或美国通用会计准则（US GAAP）编制财务报表。其他在瑞士注册的公司可以使用国际财务报告准则（IFRS）、美国通用会计准则（US GAAP）或瑞士通用会计准则（Swiss GAAP）。

The requirement to prepare financial reports in accordance with specified accounting standards is the responsibility of regulatory authorities. Regulatory authorities are governmental entities that have the legal authority to enforce financial reporting requirements and exert other controls over entities that participate in the capital markets within their jurisdiction. Regulatory authorities may require that financial reports be prepared in accordance with one specific set of accounting standards or may specify acceptable accounting standards. For example in Switzerland, Swiss-based companies listed on the main board of the Swiss Exchange have to prepare their financial statements in accordance with either IFRS or US GAAP if they are multinational.5 Other registrants in Switzerland could use IFRS, US GAAP, or Swiss GAAP.

4.1财务报告的质量特征

4.1. Qualitative Characteristics of Financial Reports

概念框架的核心目标是提供对资源提供者有用的信息，该框架确定了财务信息有用的两个基本定性特征：相关性和真实反映。 11重要性概念是在相关性的背景下进行讨论的。

Flowing from the central objective of providing information that is useful to providers of resources, the Conceptual Framework identifies two fundamental qualitative characteristics that make financial information useful: relevance and faithful representation.11 The concept of materiality is discussed within the context of relevance.

1. 相关性：如果信息可能影响或改变用户的决策，则该信息具有相关性。信息可以具有预测价值（有助于做出预测）、验证价值（有助于评估过去的决策或预测），或两者兼具。换言之，相关性信息有助于财务信息用户评估过去、现在和未来的事件，或在决策过程中确认或修正其过去的评估。重要性：如果信息的遗漏或错报可能影响用户的决策，则该信息被视为重要信息。重要性取决于信息的性质和/或规模。

1. Relevance: Information is relevant if it would potentially affect or make a difference in users’ decisions. The information can have predictive value (useful in making forecasts), confirmatory value (useful to evaluate past decisions or forecasts), or both. In other words, relevant information helps users of financial information to evaluate past, present, and future events, or to confirm or correct their past evaluations in a decision-making context. Materiality: Information is considered to be material if omission or misstatement of the information could influence users’ decisions. Materiality is a function of the nature and/or magnitude of the information.

2. 忠实呈现：忠实呈现其所要反映的经济现象的信息，理想情况下应完整、中立且无误。完整意味着所有理解该现象所需的信息都已呈现。中立意味着信息的选取和呈现不带任何偏见。换言之，信息的呈现方式不会影响用户的决策。无误意味着对经济现象的描述不存在任何疏忽或遗漏，并且获取所报告信息的流程经过选择和严格执行，且无任何错误。忠实呈现力求在最大程度上兼顾完整、中立和无误这三个要素。

2. Faithful representation: Information that faithfully represents an economic phenomenon that it purports to represent is ideally complete, neutral, and free from error. Complete means that all information necessary to understand the phenomenon is depicted. Neutral means that information is selected and presented without bias. In other words, the information is not presented in such a manner as to bias the users’ decisions. Free from error means that there are no errors of commission or omission in the description of the economic phenomenon, and that an appropriate process to arrive at the reported information was selected and was adhered to without error. Faithful representation maximizes the qualities of complete, neutral, and free from error to the extent possible.

相关性和真实性是实用财务信息最基本、最关键的特征。此外，概念框架还确定了四个增强其有效性的定性特征：可比性、可验证性、及时性和可理解性。

Relevance and faithful representation are the fundamental, most critical characteristics of useful financial information. In addition the Conceptual Framework identifies four enhancing qualitative characteristics: comparability, verifiability, timeliness, and understandability.

1. 可比性：可比性使用户能够“识别和理解项目的异同”。随着时间的推移和不同实体的呈现方式保持一致，能够使用户比使用呈现方式各异的相似经济现象信息更容易进行比较。

1. Comparability: Comparability allows users “to identify and understand similarities and differences of items.” Information presented in a consistent manner over time and across entities enables users to make comparisons more easily than information with variations in how similar economic phenomena are represented.

2. 可验证性：可验证性是指不同的、有知识的、独立的观察者会一致认为，所呈现的信息忠实地反映了它所声称要代表的经济现象。

2. Verifiability: Verifiability means that different knowledgeable and independent observers would agree that the information presented faithfully represents the economic phenomena it purports to represent.

3. 时间线：决策者在做出决定之前能够及时获得相关信息。

3. Timeliness: Timely information is available to decision makers prior to their making a decision.

4. 易懂性：清晰简洁的信息呈现方式有助于提高信息的易懂性。信息应面向具备一定商业和经济活动知识，并愿意认真研读的用户，确保他们能够理解。不应仅仅因为信息难以理解就将其排除在外，用户在理解复杂的经济现象时可能需要寻求帮助。

4. Understandability: Clear and concise presentation of information enhances understandability. Information should be prepared for and be understandable by users who have a reasonable knowledge of business and economic activities, and who are willing to study the information with diligence. Information that is useful should not be excluded simply because it is difficult to understand and it may be necessary for users to seek assistance to understand information about complex economic phenomena.

具备这些定性特征（基本性和增强性）的财务信息对于做出经济决策是有用的。

Financial information exhibiting these qualitative characteristics—fundamental and enhancing—should be useful for making economic decisions.

4.2财务报告的限制

4.2. Constraints on Financial Reports

尽管财务报表最好能展现所有这些定性特征，从而发挥最大效用，但有时可能需要在这些增强特征之间进行权衡。这些增强特征的应用没有固定的优先顺序，每项特征都可能优先于其他特征。目标是在各项增强特征之间取得适当的平衡。

Although it would be ideal for financial statements to exhibit all of these qualitative characteristics and thus achieve maximum usefulness, it may be necessary to make tradeoffs across the enhancing characteristics. The application of the enhancing characteristics follows no set order of priority and each enhancing characteristic may take priority over the others. The aim is an appropriate balance among the enhancing characteristics.

有效财务报告面临的一大制约因素是提供和使用这些信息的成本。理想情况下，信息带来的收益应超过提供和使用信息的成本。因此，目标是在成本和收益之间取得平衡。

A pervasive constraint on useful financial reporting is the cost of providing and using this information. Optimally, benefits derived from information should exceed the costs of providing and using it. Again, the aim is a balance between costs and benefits.

财务报告的局限性在于某些信息未被纳入其中。财务报表必然会省略一些无法量化的信息。例如，公司员工的创造力、创新能力和专业技能无法直接体现在财务报表中。同样，客户忠诚度、积极的企业文化、环境责任以及公司的许多其他方面也可能无法直接反映在财务报表中。当然，如果这些因素能够带来卓越的财务业绩，那么公司的财务报告最终会反映出这些成果。

A limitation of financial reporting involves information that is not included. Financial statements, by necessity, omit information that is non-quantifiable. For example, the creativity, innovation, and competence of a company’s work force are not directly captured in the financial statements. Similarly, customer loyalty, a positive corporate culture, environmental responsibility, and many other aspects about a company may not be directly reflected in the financial statements. Of course, to the extent that these items result in superior financial performance, a company’s financial reports will reflect the results.

4.3财务报表的要素

4.3. The Elements of Financial Statements

财务报表根据交易和其他事项的经济特征，将其归类为不同的要素，从而反映这些交易和其他事项对财务状况的影响。财务报表的三大要素与财务状况的计量直接相关：资产、负债和所有者权益。

Financial statements portray the financial effects of transactions and other events by grouping them into broad classes (elements) according to their economic characteristics. Three elements of financial statements are directly related to the measurement of financial position: assets, liabilities, and equity.

• 资产：指企业因过去的交易或活动而拥有的、目前由企业控制的经济资源。经济资源是指具有产生经济利益潜力的权利。资产是指公司拥有的东西（例如，存货和设备）。

• Assets: A present economic resource controlled by the entity as a result of past events. An economic resource is a right that has the potential to produce economic benefits. Assets are what a company owns (e.g., inventory and equipment).

• 负债：指企业因过去的交易或事项而负有的、转移经济资源的现时义务。义务是指企业无法实际规避的责任或义务。负债是指公司所欠的款项（例如，银行贷款）。

• Liabilities:. A present obligation of the entity to transfer an economic resource as a result of past events. An obligation is a duty or responsibility that the entity has no practical ability to avoid. Liabilities are what a company owes (e.g., bank borrowings).

• 权益（对于上市公司而言，也称为“股东权益”）：资产减去负债。权益是指扣除负债后剩余的资产份额。

• Equity (for public companies, also known as “shareholders’ equity” or “stockholders’ equity”): Assets less liabilities. Equity is the residual interest in the assets after subtracting the liabilities.

与业绩衡量（利润及相关指标）直接相关的财务报表要素是收入和支出。

The elements of financial statements directly related to the measurement of performance (profit and related measures) are income and expenses.

• 收入：指资产增加或负债减少导致权益增加，但不包括股东出资产生的收入。收入包括营业收入和收益。营业收入是指企业日常经营活动（例如，销售产品或提供服务）产生的收入。收益可能来自日常经营活动或其他活动（例如，出售剩余设备）。

• Income: Increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims. Income includes both revenues and gains. Revenues represent income from the ordinary activities of the enterprise (e.g., the sale of products or provision of services). Gains may result from ordinary activities or other activities (the sale of surplus equipment).

• 费用：指资产减少或负债增加导致权益减少，但不包括向权益持有人分配利润。费用包括与经营活动相关的费用，例如销售成本和运营费用（包括工资、租金和其他项目）。损失也属于费用，可能源于以低于账面价值的价格出售资产、资产减值以及其他各种原因。

• Expenses: Decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims. Expenses include those related to operating activities such as cost of good sold and operating expenses including wages, rents and other items. Losses are also considered expenses and can result from the sale of assets at less than their carrying values, impairments of asset values and a variety of other items.

4.4财务报表的一般要求

4.4. General Requirements for Financial Statements

概念框架为制定标准和财务报表要素提供了基础。然而，该框架并未涉及财务报表的一般内容，这些内容在国际会计准则第1号——财务报表的列报中有所规定。国际会计准则第1号具体规定了所需的财务报表、财务报表的一般特征以及财务报表的结构和内容。12 这些一般要求在附录1中有所说明，并在以下各小节中进行了详细描述。

The Conceptual Framework provides a basis for establishing standards and the elements of financial statements. However, the framework does not address the general contents of the financial statements, which are addressed in International Accounting Standard (IAS) No. 1, Presentation of Financial Statements. IAS No. 1 specifies the required financial statements, general features of financial statements, and structure and content of financial statements.12 These general requirements are illustrated in Exhibit 1 and described in the subsections below.

在以下各节中，我们将更详细地讨论所需的财务报表、财务报表编制的基本特征以及规定的结构和内容。

In the following sections, we discuss the required financial statements, the general features underlying the preparation of financial statements, and the specified structure and content in greater detail.

6.1新产品或交易类型

6.1. New Products or Types of Transactions

新产品和新型交易可能具有不寻常或独特的特征，以至于财务报告准则中没有明确的指导。新产品或交易通常源于经济事件，例如新业务（如金融科技公司）的出现，或源于新开发的金融工具或金融结构。金融工具，无论是否在交易所交易，其设计目的通常是为了提升公司业务或降低固有风险。然而，有时，金融工具或结构化交易的开发主要是为了粉饰财务报告。

New products and new types of transactions can have unusual or unique elements to them such that no explicit guidance in the financial reporting standards exists. New products or transactions typically arise from economic events, such as new businesses (e.g., fintech), or from a newly developed financial instrument or financial structure. Financial instruments, whether exchange traded or not, are typically designed to enhance a company’s business or to mitigate inherent risks. However, at times, financial instruments or structured transactions have been developed primarily for purposes of financial report “window dressing.”

尽管公司可能会在财务报告中披露新产品和交易，但分析师也可以通过关注商业期刊和资本市场来识别此类项目。此外，当一个行业内的一家公司开发出新产品或进行新交易时，其他公司通常也会效仿。一旦识别出新产品、金融工具或结构化交易，了解其商业目的就显得尤为重要。如有必要，分析师可以从公司管理层获取更多信息，管理层应能够阐述这些项目的经济目的、财务报表编制方式、重要估计、编制过程中所依据的判断以及对未来现金流的影响。

Although companies might discuss new products and transactions in their financial reports, the analyst can also monitor business journals and the capital markets to identify such items. Additionally, when one company in an industry develops a new product or transaction, other companies in the industry often do the same. Once new products, financial instruments, or structured transactions are identified, it is helpful to gain an understanding of the business purpose. If necessary, an analyst can obtain further information from a company’s management, which should be able to describe the economic purpose, the financial statement reporting, significant estimates, judgments applied in determining the reporting, and future cash flow implications for these items.

6.2不断发展的标准及CFA协会的作用

6.2. Evolving Standards and the Role of CFA Institute

鉴于新产品开发与监管行动之间存在滞后，标准制定者和监管机构的行动不太可能有助于识别新产品和交易。然而，监测这些机构的行动仍然至关重要，原因有二：法规的变化会影响公司的财务报告，进而影响其估值。如果财务报告准则发生变化，要求更明确地识别影响资产/负债估值或财务业绩的事项，则尤其如此。例如，一项监管变更要求公司将与授予和归属员工股票期权相关的费用计入损益表费用。在强制计入费用之前，分析师只能通过查阅财务报表附注中披露的信息来评估股票期权授予对股东权益的稀释影响。

The actions of standard setters and regulators are unlikely to be helpful in identifying new products and transactions, given the lag between new product development and regulatory action. Monitoring the actions of these authorities is nonetheless important for another reason: Changes in regulations can affect companies’ financial reports and, thus, valuations. This is particularly true if the financial reporting standards change to require more explicit identification of matters affecting asset/liability valuation or financial performance. For example, one regulatory change required companies to include a provision for expenses associated with the grant and vesting of employee stock option grants as an expense in the income statement. Prior to the required expensing, an analyst could only assess the dilutive effect to shareholders associated with stock option grants by reviewing information disclosed in the notes to the financial statements.

如果部分市场参与者不仔细审查财务报表细节，从而在评估公司证券价值时忽略某些项目，那么更明确的识别可能会影响公司证券的价值。此外，与仅在附注中披露的项目相比，管理层更有可能对财务报表中列出的项目进行更认真、更严谨的计算/估算。

To the extent that some market participants do not examine financial statement details and thus ignore some items when valuing a company’s securities, more explicit identification could affect the value of the company’s securities. Additionally, it is plausible to believe that management is more attentive to and rigorous in any calculations/estimates of items that appear in the financial statements, compared to items that are only disclosed in the notes.

国际会计准则理事会（IASB，www.iasb.org）和美国财务会计准则委员会（FASB，www.fasb.org）在其网站上提供了大量关于新准则和未来准则修订提案的信息。此外，IASB 和 FASB 还积极征求财务分析师群体的意见——这些分析师经常使用财务报表进行投资和信贷决策。当一项新准则被提出时，会发布征求意见稿，财务报表使用者可以撰写评论信和立场文件，提交给 IASB 和 FASB，以便对提案进行评估。

The IASB (www.iasb.org) and FASB (www.fasb.org) provide a great deal of information on their websites regarding new standards and proposals for future changes in standards. In addition, the IASB and FASB seek input from the financial analyst community—those who regularly use financial statements in making investment and credit decisions. When a new standard is proposed, an exposure draft is made available and users of financial statements can draft comment letters and position papers for submission to the IASB and FASB in order to evaluate the proposal.

CFA协会积极支持财务报告的改进。CFA协会的志愿者会员在多个联络委员会任职，这些委员会定期召开会议，就拟议准则向国际会计准则理事会（IASB）和美国财务会计准则委员会（FASB）提出建议，并起草评论信和立场文件。这些小组就财务报告问题提出的评论信和立场文件可在www.cfainstitute.org/advocacy查阅。

CFA Institute is active in supporting improvements to financial reporting. Volunteer members of CFA Institute serve on several liaison committees that meet regularly to make recommendations to the IASB and FASB on proposed standards and to draft comment letters and position papers. The comment letters and position papers of these groups on financial reporting issues are available at www.cfainstitute.org/advocacy.

2007年，特许金融分析师协会（CFA Institute）发布了一份题为《综合商业报告模型：面向投资者的财务报告》的立场文件，其中提出了一种显著改进财务报告的建议模型。该立场文件至今仍具有现实意义，其指出：

In 2007, CFA Institute issued a position paper titled A Comprehensive Business Reporting Model: Financial Reporting for Investors, which provides a suggested model for significantly improving financial reporting. The position paper remains relevant in stating:

公司财务报表及其相关披露是稳健投资决策的基础。全球金融市场的福祉，以及数百万将自身财务利益寄托于这些市场的投资者的利益，都直接取决于财务报表及其披露所提供的信息。因此，信息的质量驱动着全球金融市场。而信息的质量又直接取决于管理者在识别和衡量影响公司运营的经济活动和事件时所遵循的原则和标准……

投资者要求财务报告具备及时性、透明度、可比性和一致性。投资者更看重财务报告的决策相关性而非可靠性……“分析师需要了解经济现实——也就是真实情况——并尽可能通过会计数字来反映出来。”未能反映这种经济现实的公司财务报表会损害投资决策过程。 16

Corporate financial statements and their related disclosures are fundamental to sound investment decision making. The well-being of the world’s financial markets, and of the millions of investors who entrust their financial present and future to those markets, depends directly on the information financial statements and disclosures provide. Consequently, the quality of the information drives global financial markets. The quality, in turn, depends directly on the principles and standards managers apply when recognizing and measuring the economic activities and events affecting their companies’ operations….

Investors require timeliness, transparency, comparability, and consistency in financial reporting. Investors have a preference for decision relevance over reliability…“analysts need to know economic reality—what is really going on—to the greatest extent it can be depicted by accounting numbers.” Corporate financial statements that fail to reflect this economic reality undermine the investment decision-making process.16

除其他原则外，该模型强调有关资产和负债当前公允价值的信息的重要性、财务报告的中立性，以及通过选择所谓的现金流量表直接格式向投资者提供有关现金流量的详细信息。

Among other principles, the proposed model stresses the importance of information regarding the current fair value of assets and liabilities, of neutrality in financial reporting, and of providing detailed information on cash flows to investors through the choice of the so-called direct format for the cash flow statement.

总之，分析师可以通过及时了解财务报告准则来提升投资决策水平。此外，分析师还可以通过与准则制定机构分享其作为用户的观点来为改进财务报告做出贡献，这些机构通常会就拟议的变更征求意见。

In summary, analysts can improve their investment decision making by keeping current on financial reporting standards. In addition, analysts can contribute to improving financial reporting by sharing their perspective as users with standard-setting bodies, which typically invite comments concerning proposed changes.

练习题

Practice Problems

© 2019 CFA协会。版权所有。

© 2019 CFA Institute. All rights reserved.

1. 以下哪项最不可能属于财务报表的目标？

   1. 提供有关实体业绩的信息。

   2. 提供有关实体财务状况的信息。

   3. 提供有关实体财务报表使用者的信息。

1. Which of the following is most likely not an objective of financial statements?

   1. To provide information about the performance of an entity.

   2. To provide information about the financial position of an entity.

   3. To provide information about the users of an entity’s financial statements.

2. 国际财务报告准则目前由哪个机构制定？

   1. 国际财务报告准则基金会。

   2. 国际会计准则理事会。

   3. 国际证券委员会组织。

2. International financial reporting standards are currently developed by which entity?

   1. The IFRS Foundation.

   2. The International Accounting Standards Board.

   3. The International Organization of Securities Commissions.

3. 美国通用会计准则目前由哪个机构制定？

   1. 美国证券交易委员会。

   2. 财务会计准则委员会。

   3. 上市公司会计监督委员会。

3. US generally accepted accounting principles are currently developed by which entity?

   1. The Securities and Exchange Commission.

   2. The Financial Accounting Standards Board.

   3. The Public Company Accounting Oversight Board.

4. 国际证券委员会组织的核心目标是：

   1. 消除系统性风险。

   2. 保护财务报表使用者。

   3. 确保市场公平、高效、透明。

4. A core objective of the International Organization of Securities Commissions is to:

   1. eliminate systemic risk.

   2. protect users of financial statements.

   3. ensure that markets are fair, efficient, and transparent.

5. 根据财务报告概念框架，下列哪项不是财务报表信息的增强性质量特征？

   1. 准确性。

   2. 及时性。

   3. 可比性。

5. According to the Conceptual Framework for Financial Reporting, which of the following is not an enhancing qualitative characteristic of information in financial statements?

   1. Accuracy.

   2. Timeliness.

   3. Comparability.

6. 根据概念框架，下列哪项不属于财务报表的限制条件？

   1. 易懂。

   2. 收益与成本。

   3. 平衡定性特征。

6. Which of the following is not a constraint on the financial statements according to the Conceptual Framework?

   1. Understandability.

   2. Benefit versus cost.

   3. Balancing of qualitative characteristics.

7. 假设一个实体在可预见的未来将继续运营，这种假设被称为：

   1. 权责发生制。

   2. 可比性。

   3. 持续经营。

7. The assumption that an entity will continue to operate for the foreseeable future is called:

   1. accrual basis.

   2. comparability.

   3. going concern.

8. 假设交易和其他事件的影响应在其发生时而非现金流发生时予以确认，这种假设被称为：

   1. 关联。

   2. 权责发生制。

   3. 持续经营。

8. The assumption that the effects of transactions and other events are recognized when they occur, not when the cash flows occur, is called:

   1. relevance.

   2. accrual basis.

   3. going concern.

9. 财务报表信息的客观中立性与以下哪项定性特征最为密切相关？

   1. 关联。

   2. 易懂。

   3. 忠实再现。

9. Neutrality of information in the financial statements most closely contributes to which qualitative characteristic?

   1. Relevance.

   2. Understandability.

   3. Faithful representation.

10. 以收购时支付的现金或等价物金额或所支付对价的公允价值来评估资产，最能描述财务报表要素的哪一项计量方法？

    1. 当前成本。

    2. 历史成本。

    3. 可实现价值。

10. Valuing assets at the amount of cash or equivalents paid or the fair value of the consideration given to acquire them at the time of acquisition most closely describes which measurement of financial statement elements?

    1. Current cost.

    2. Historical cost.

    3. Realizable value.

11. 将资产按有序处置所得金额进行记录的估值方法是：

    1. 当前成本。

    2. 现值。

    3. 可实现价值。

11. The valuation technique under which assets are recorded at the amount that would be received in an orderly disposal is:

    1. current cost.

    2. present value.

    3. realizable value.

12. 根据国际会计准则第1号， 下列哪项不属于必需的财务报表？

    1. 财务状况表。

    2. 收入变动表。

    3. 综合收益表。

12. Which of the following is not a required financial statement according to IAS No. 1?

    1. Statement of financial position.

    2. Statement of changes in income.

    3. Statement of comprehensive income.

13. 下列财务报表要素中，哪一项与业绩衡量关系 最为密切？

    1. 资产。

    2. 开支。

    3. 负债。

13. Which of the following elements of financial statements is most closely related to measurement of performance?

    1. Assets.

    2. Expenses.

    3. Liabilities.

14. 下列财务报表要素中，哪一项与财务状况的计量关系 最为密切？

    1. 公平。

    2. 收入。

    3. 开支。

14. Which of the following elements of financial statements is most closely related to measurement of financial position?

    1. Equity.

    2. Income.

    3. Expenses.

15. 关于新会计准则，下列哪项披露信息能 为分析师 提供最有意义的信息？

    1. 本文探讨了收养的影响。

    2. 该标准不会产生实质性影响。

    3. 管理层仍在评估影响。

15. Which of the following disclosures regarding new accounting standards provides the most meaningful information to an analyst?

    1. The impact of adoption is discussed.

    2. The standard will have no material impact.

    3. Management is still evaluating the impact.

解决方案

Solutions

1. C选项正确。财务报表向使用者提供信息，包括有关企业财务状况、经营业绩和财务状况变动的信息。财务报表通常不提供关于使用者的信息。

1. C is correct. Financial statements provide information, including information about the entity’s financial position, performance, and changes in financial position, to users. They do not typically provide information about users.

2. B选项正确。国际会计准则理事会（IASB）目前负责制定国际财务报告准则。

2. B is correct. The IASB is currently charged with developing International Financial Reporting Standards.

3. B 是正确的。FASB 负责制定《会计准则汇编™》，这是美国公认的非政府权威会计原则的唯一来源。

3. B is correct. The FASB is responsible for the Accounting Standards Codification™, the single source of nongovernmental authoritative US generally accepted accounting principles.

4. C选项正确。国际证监会组织（IOSCO）的核心目标是确保市场公平、高效和透明。其他核心目标是降低而非消除系统性风险，并保护投资者而非所有财务报表使用者。

4. C is correct. A core objective of IOSCO is to ensure that markets are fair, efficient, and transparent. The other core objectives are to reduce, not eliminate, systemic risk and to protect investors, not all users of financial statements.

5. A选项正确。准确性并非提升品质的特征。忠实再现，而非准确性，才是基本的品质特征。

5. A is correct. Accuracy is not an enhancing qualitative characteristic. Faithful representation, not accuracy, is a fundamental qualitative characteristic.

6. A选项正确。易懂性是财务信息的一种增强性质量特征，而不是一种限制。

6. A is correct. Understandability is an enhancing qualitative characteristic of financial information—not a constraint.

7. C选项正确。概念框架指出财务报表有两个重要的基本假设：权责发生制和持续经营。持续经营是指企业在可预见的未来将继续经营的假设。意图清算或大幅缩减经营的企业需要不同的信息才能公允列报。

7. C is correct. The Conceptual Framework identifies two important underlying assumptions of financial statements: accrual basis and going concern. Going concern is the assumption that the entity will continue to operate for the foreseeable future. Enterprises with the intent to liquidate or materially curtail operations would require different information for a fair presentation.

8. B选项正确。权责发生制反映的是交易和其他事项发生时而非现金流量发生时确认其影响。这些影响会在相关期间的财务报表中记录和列报。

8. B is correct. Accrual basis reflects the effects of transactions and other events being recognized when they occur, not when the cash flows. These effects are recorded and reported in the financial statements of the periods to which they relate.

9. C选项正确。忠实再现的基本质量特征体现在完整性、中立性和无误性上。

9. C is correct. The fundamental qualitative characteristic of faithful representation is contributed to by completeness, neutrality, and freedom from error.

10. B选项正确。历史成本是指取得一项资产所支付的对价。

10. B is correct. Historical cost is the consideration paid to acquire an asset.

11. C选项正确。有序处置中可收到的金额即为变现价值。

11. C is correct. The amount that would be received in an orderly disposal is realizable value.

12. B选项正确。没有损益变动表。根据国际会计准则第1号，一套完整的财务报表包括资产负债表、综合收益表、权益变动表、现金流量表以及包含重要会计政策概要和其他解释性信息的附注。

12. B is correct. There is no statement of changes in income. Under IAS No. 1, a complete set of financial statements includes a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows, and notes comprising a summary of significant accounting policies and other explanatory information.

13. B选项正确。与业绩衡量相关的财务报表要素是收入和支出。

13. B is correct. The elements of financial statements related to the measure of performance are income and expenses.

14. A选项正确。与财务状况计量相关的财务报表要素包括资产、负债和所有者权益。

14. A is correct. The elements of financial statements related to the measurement of financial position are assets, liabilities, and equity.

15. A选项正确。讨论其影响是最有意义的，不过B选项也很有用。

15. A is correct. A discussion of the impact would be the most meaningful, although B would also be useful.

3.1一般原则

3.1. General Principles

收入确认的一个重要方面是，它可以独立于现金流动而发生。例如，假设一家公司赊销商品给买方，因此实际上要到稍后才能收到现金。权责发生制会计的一个基本原则是，收入在赚取时确认（并在损益表中列报），因此，公司的财务记录反映的是所有权风险和报酬转移时产生的销售收入；这通常是在公司交付商品或服务时。如果交付是赊销，则会创建一项相关资产，例如应收账款或应收账款。之后，当现金发生转移时，公司的财务记录只需反映已收到现金以结算应收账款即可。同样，也存在公司预先收到现金，但稍后（可能分期）交付产品或服务的情况。在这种情况下，公司会在最初收到现金时确认一项未实现收入负债，并在产品和服务交付后逐步确认收入。例如，收到订阅费，用于定期寄送的出版物。

An important aspect concerning revenue recognition is that it can occur independently of cash movements. For example, assume a company sells goods to a buyer on credit, so does not actually receive cash until some later time. A fundamental principle of accrual accounting is that revenue is recognized (reported on the income statement) when it is earned, so the company’s financial records reflect revenue from the sale when the risk and reward of ownership is transferred; this is often when the company delivers the goods or services. If the delivery was on credit, a related asset, such as trade or accounts receivable, is created. Later, when cash changes hands, the company’s financial records simply reflect that cash has been received to settle an account receivable. Similarly, there are situations when a company receives cash in advance and actually delivers the product or service later, perhaps over a period of time. In this case, the company would record a liability for unearned revenue when the cash is initially received, and revenue would be recognized as being earned over time as products and services are delivered. An example would be a subscription payment received for a publication that is to be delivered periodically over time.

3.2收入确认的会计准则

3.2. Accounting Standards for Revenue Recognition

国际会计准则理事会（IASB）和美国财务会计准则委员会（FASB）于2014年5月发布的趋同会计准则对收入确认的基本原则进行了一些修改，旨在提高可比性。 10除非另有说明，两项准则的内容几乎完全相同，本文讨论的内容均适用于这两项准则。由于在趋同准则发布之前，国际财务报告准则（IFRS）和美国通用会计准则（US GAAP）在收入确认方面存在差异，因此该趋同准则的发布意义重大。该趋同准则旨在提供一种基于原则的收入确认方法，该方法可应用于多种类型的创收活动。

The converged accounting standards issued by the IASB and FASB in May 2014 introduced some changes to the basic principles of revenue recognition and should enhance comparability.10 The content of the two standards is nearly identical, and this discussion pertains to both, unless specified otherwise. Issuance of this converged standard is significant because of the differences between IFRS and US GAAP on revenue recognition prior to the converged standard. The converged standard aims to provide a principles-based approach to revenue recognition that can be applied to many types of revenue-generating activities.

趋同准则的核心原则是，收入的确认应当“反映向客户转移承诺的商品或服务的金额，该金额应体现企业预期有权就该等商品或服务交换而获得的对价”。为实现这一核心原则，该准则描述了确认收入的五个步骤：

The core principle of the converged standard is that revenue should be recognized to “depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in an exchange for those goods or services.” To achieve the core principle, the standard describes the application of five steps in recognizing revenue:

1. 确定与客户的合同

1. Identify the contract(s) with a customer

2. 明确合同中各项单独的或不同的履约义务。

2. Identify the separate or distinct performance obligations in the contract

3. 确定交易价格

3. Determine the transaction price

4. 将交易价格分配至合同中的各项履约义务。

4. Allocate the transaction price to the performance obligations in the contract

5. 当（或随着）企业履行履约义务时确认收入

5. Recognize revenue when (or as) the entity satisfies a performance obligation

根据该准则，合同是订立合同双方之间具有商业实质的协议和承诺。它明确了各方的权利和义务，包括付款条款。此外，合同只有在款项很可能收回的情况下才成立。虽然各准则使用的措辞相同，但对“很可能收回”的界定标准却有所不同。在国际财务报告准则（IFRS）下，“很可能”指的是“可能性大于50%”，而在美式通用会计准则（US GAAP）下，“很可能”指的是“很可能发生”。因此，经济上相似的合同在IFRS和US GAAP下的处理方式可能有所不同。

According to the standard, a contract is an agreement and commitment, with commercial substance, between the contacting parties. It establishes each party’s obligations and rights, including payment terms. In addition, a contract exists only if collectability is probable. Each standard uses the same wording, but the threshold for probable collectability differs. Under IFRS, probable means more likely than not, and under US GAAP it means likely to occur. As a result, economically similar contracts may be treated differently under IFRS and US GAAP.

合同中的履约义务是指交付特定商品或服务的承诺。如果客户能够单独或结合现有资源从商品或服务中获益，并且交付该商品或服务的承诺可以与其他合同承诺区分开来，则该商品或服务即为特定商品或服务。每项已确定的履约义务均应单独核算。

The performance obligations within a contract represent promises to transfer distinct good(s) or service(s). A good or service is distinct if the customer can benefit from it on its own or in combination with readily available resources and if the promise to transfer it can be separated from other promises in the contract. Each identified performance obligation is accounted for separately.

交易价格是指卖方预计因转移合同中确定的货物或服务而收到的款项。然后，将交易价格分配至每一项已确定的履约义务。当履约义务履行完毕时，确认收入。步骤三和步骤四涉及金额，步骤五涉及确认时间。确认的金额反映了对收款能力的预期，以及（如适用）同一合同内多项义务的分配。当履行义务的转移完成时，确认收入。

The transaction price is what the seller estimates will be received in exchange for transferring the good(s) or service(s) identified in the contract. The transaction price is then allocated to each identified performance obligation. Revenue is recognized when a performance obligation is fulfilled. Steps three and four address amount, and step five addresses timing of recognition. The amount recognized reflects expectations about collectability and (if applicable) an allocation to multiple obligations within the same contract. Revenue is recognized when the obligation-satisfying transfer is made.

只有在极有可能不会发生后续冲销的情况下，才应确认收入。这可能导致在无法可靠估计总收入的情况下，销售时仅确认极少的收入。资产负债表需要将全部退款义务反映为负债，并计入一项基于存货账面价值减去回收成本的“退货权”资产。

Revenue should only be recognized when it is highly probable that it will not be subsequently reversed. This may result in the recording of a minimal amount of revenue upon sale when an estimate of total revenue is not reliable. The balance sheet will be required to reflect the entire refund obligation as a liability and will include an asset for the “right to returned goods” based on the carrying amount of inventory less costs of recovery.

确认收入时，资产负债表上会列示一项合同资产。只有在除付款外所有履约义务均已履行完毕的情况下，卖方的资产负债表上才会出现应收账款。如果卖方在交付货物或提供服务之前已收到对价，则其资产负债表上会列示一项合同负债。

When revenue is recognized, a contract asset is presented on the balance sheet. It is only at the point when all performance obligations have been met except for payment that a receivable appears on the seller’s balance sheet. If consideration is received in advance of transferring good(s) or service(s), the seller presents a contract liability.

企业在通过将控制权转移给客户来履行履约义务时，确认收入。评估客户是否在某一时点取得资产控制权时需要考虑的因素：

The entity will recognize revenue when it is able to satisfy the performance obligation by transferring control to the customer. Factors to consider when assessing whether the customer has obtained control of an asset at a point in time:

• 实体目前享有收款权，

• Entity has a present right to payment,

• 客户拥有合法所有权，

• Customer has legal title,

• 客户拥有实物所有权，

• Customer has physical possession,

• 客户承担着所有权带来的巨大风险和回报，并且

• Customer has the significant risks and rewards of ownership, and

• 客户已接收该资产。

• Customer has accepted the asset.

对于仅在单一时间点交付一项成果的简单合同，完成这五个步骤非常直接。但对于更复杂的合同——例如履约义务随时间推移而履行、多期合同条款发生变化、履约义务包含多种商品和服务组成部分，或报酬为“可变”——会计处理的选择可能就不那么显而易见了。这些准则中的步骤旨在提供可推广至大多数情况的指导。

For a simple contract with only one deliverable at a single point in time, completing the five steps is straight-forward. For more complex contracts—such as when the performance obligations are satisfied over time, when the terms of the multi-period contracts change, when the performance obligation includes various components of goods and services, or when the compensation is “variable”—accounting choices can be less obvious. The steps in the standards are intended to provide guidance that can be generalized to most situations.

此外，该准则提供了许多具体示例。这些示例旨在指导如何处理更复杂的合同。部分示例已在附录5中进行了总结。请注意，许多示例的最终结果可能与采用该统一准则之前生效的收入确认准则下的结果并无实质性差异；不同之处在于概念方法，在某些情况下，还可能涉及术语。

In addition, the standard provides many specific examples. These examples are intended to provide guidance as to how to approach more complex contracts. Some of these examples are summarized in Exhibit 5. Note that the end result for many examples may not differ substantially from that under revenue recognition standards that were in effect prior to the adoption of the converged standard; instead it is the conceptual approach and, in some cases, the terminology that will differ.

根据新准则，某些相关成本需要特殊的会计处理。特别是，获取合同的增量成本以及为履行合同而发生的某些成本必须根据新准则进行资本化（即，在资产负债表中作为资产列示，而不是在利润表中作为费用列示）。如果公司在采用新准则之前的年度中已将这些增量成本计入费用，那么在其他条件相同的情况下，其在新准则下的盈利能力最初会显得更高。

Some related costs require specific accounting treatment under the new standards. In particular, incremental costs of obtaining a contract and certain costs incurred to fulfill a contract must be capitalized under the new standards (i.e., reported as an asset on the balance sheet rather than as an expense on the income statement). If a company had previously expensed these incremental costs in the years prior to adopting the converged standard, all else equal, its profitability will initially appear higher under the converged standards.

信息披露要求相当广泛。公司须在2011年年末披露与客户签订的合同信息，并按不同合同类别进行分类。这些类别可能基于产品类型、地理区域、客户或销售渠道类型、合同定价条款类型、合同期限或资金转移时间。公司还须披露与合同相关的任何资产和负债的余额及其重大变动、剩余履约义务以及分配给这些义务的交易价格，以及与收入确认相关的任何重大判断及其变更。重大判断是指用于确定收入确认时间和金额的判断。

The disclosure requirements are quite extensive. Companies are required at year end11 to disclose information about contracts with customers disaggregated into different categories of contracts. The categories might be based on the type of product, the geographic region, the type of customer or sales channel, the type of contract pricing terms, the contract duration, or the timing of transfers. Companies are also required to disclose balances of any contract-related assets and liabilities and significant changes in those balances, remaining performance obligations and transaction price allocated to those obligations, and any significant judgments and changes in judgments related to revenue recognition. Significant judgments are those used in determining timing and amounts of revenue to be recognized.

预计融合标准对某些行业的影响将大于其他行业。例如，捆绑销售较为普遍的行业，如电信和软件行业，预计将受到融合标准的显著影响。

The converged standard is expected to affect some industries more than others. For example, industries where bundled sales are common, such as the telecommunications and software industries, are expected to be significantly affected by the converged standard.

4.1一般原则

4.1. General Principles

一般来说，公司在消耗（即用尽）与支出相关的经济利益或损失先前已确认的经济利益的期间确认费用。14

In general, a company recognizes expenses in the period that it consumes (i.e., uses up) the economic benefits associated with the expenditure, or loses some previously recognized economic benefit.14

费用确认的一项一般原则是配比原则。严格来说，国际财务报告准则（IFRS）并非使用“配比原则”这一术语，而是使用“配比概念”或“成本与收入配比”这一概念。 15这一区别在某些准则制定过程中至关重要。根据配比原则，公司在确认相关收入时确认某些费用（例如，销售成本），从而实现费用与收入的配比。相关收入和费用是指直接且共同源于同一交易或事项的收入和费用。与公司在同一会计期间内购入并售出所有存货的简单情况不同，在实践中，当期的部分销售额很可能来自前期或更早期间购入的存货。此外，当期购入的部分存货也可能在期末仍未售出，因此将在下一期间售出。配比原则要求公司在同一期间确认销售成本和销售收入。

A general principle of expense recognition is the matching principle. Strictly speaking, IFRS do not refer to a “matching principle” but rather to a “matching concept” or to a process resulting in “matching of costs with revenues.”15 The distinction is relevant in certain standard setting deliberations. Under matching, a company recognizes some expenses (e.g., cost of goods sold) when associated revenues are recognized and thus, expenses and revenues are matched. Associated revenues and expenses are those that result directly and jointly from the same transactions or events. Unlike the simple scenario in which a company purchases inventory and sells all of the inventory within the same accounting period, in practice, it is more likely that some of the current period’s sales are made from inventory purchased in a previous period or previous periods. It is also likely that some of the inventory purchased in the current period will remain unsold at the end of the current period and so will be sold in a following period. Matching requires that a company recognizes cost of goods sold in the same period as revenues from the sale of the goods.

期间性成本是指与收入关联性较弱的支出，这些支出反映在公司发生支出或承担支付义务的期间内。管理费用就是期间性成本的一个例子。其他与收入关联性较弱的支出则与未来的预期收益更直接相关；在这种情况下，支出会随着时间的推移进行系统性分摊。折旧费用就是一个例子。

Period costs, expenditures that less directly match revenues, are reflected in the period when a company makes the expenditure or incurs the liability to pay. Administrative expenses are an example of period costs. Other expenditures that also less directly match revenues relate more directly to future expected benefits; in this case, the expenditures are allocated systematically with the passage of time. An example is depreciation expense.

例 1和例2展示了将配比应用于存货和销售成本。

Examples 1 and 2 demonstrate matching applied to inventory and cost of goods sold.

图表 6总结并比较了存货成本核算方法。

Exhibit 6 summarizes and compares inventory costing methods.

4.2费用确认中的问题

4.2. Issues in Expense Recognition

以下各节将介绍费用确认原则在某些常见情况下的应用。

The following sections cover applications of the principles of expense recognition to certain common situations.

4.3对财务分析的影响

4.3. Implications for Financial Analysis

公司对坏账和/或保修费用的估计会影响其报告的净利润。同样，公司选择的折旧或摊销方法、对资产使用寿命的估计以及对资产残值的估计也会影响报告的净利润。以上仅列举了影响公司报告净利润的部分选择和估计因素。

A company’s estimates for doubtful accounts and/or for warranty expenses can affect its reported net income. Similarly, a company’s choice of depreciation or amortisation method, estimates of assets’ useful lives, and estimates of assets’ residual values can affect reported net income. These are only a few of the choices and estimates that affect a company’s reported net income.

与收入确认政策一样，公司选择的费用确认方式也可以用其相对保守性来衡量。费用确认时间越晚，确认时间越早，则被认为越不保守。此外，许多费用项目需要公司做出估计，而这些估计可能会对净利润产生重大影响。分析公司的财务报表，特别是比较不同公司的财务报表，需要了解这些估计的差异及其潜在影响。

As with revenue recognition policies, a company’s choice of expense recognition can be characterized by its relative conservatism. A policy that results in recognition of expenses later rather than sooner is considered less conservative. In addition, many items of expense require the company to make estimates that can significantly affect net income. Analysis of a company’s financial statements, and particularly comparison of one company’s financial statements with those of another, requires an understanding of differences in these estimates and their potential impact.

例如，如果一家公司坏账率、保修费用占销售额的百分比或资产预计使用寿命的估计值出现显著的年度变化，分析师应努力了解其根本原因。这些变化是否反映了业务运营的变化（例如，保修费用估计值降低反映了近期产品质量提高导致保修索赔减少）？或者，这些变化是否看似与业务运营的变化无关，从而可能表明该公司为了达到某种特定的净利润效果而操纵估计值？

If, for example, a company shows a significant year-to-year change in its estimates of uncollectible accounts as a percentage of sales, warranty expenses as a percentage of sales, or estimated useful lives of assets, the analyst should seek to understand the underlying reasons. Do the changes reflect a change in business operations (e.g., lower estimated warranty expenses reflecting recent experience of fewer warranty claims because of improved product quality)? Or are the changes seemingly unrelated to changes in business operations and thus possibly a signal that a company is manipulating estimates in order to achieve a particular effect on its reported net income?

再举一个例子，如果同一行业的两家公司对坏账占销售额的百分比、保修费用占销售额的百分比或预计使用寿命占资产的百分比的估计值存在显著差异，那么了解其根本原因就至关重要。这些差异是否与两家公司的业务运营差异相符（例如，一家公司较低的坏账可能反映出其客户群信用状况更好，或者可能采取了更严格的信贷政策）？如果一家公司使用了更新的设备，那么两家公司预计的资产使用寿命也可能存在差异，这同样与业务运营差异相符。或者，这些差异是否似乎与两家公司的业务运营差异不符，从而可能表明其中一家公司在操纵估计值？

As another example, if two companies in the same industry have dramatically different estimates for uncollectible accounts as a percentage of their sales, warranty expenses as a percentage of sales, or estimated useful lives as a percentage of assets, it is important to understand the underlying reasons. Are the differences consistent with differences in the two companies’ business operations (e.g., lower uncollectible accounts for one company reflecting a different, more creditworthy customer base or possibly stricter credit policies)? Another difference consistent with differences in business operations would be a difference in estimated useful lives of assets if one of the companies employs newer equipment. Or, alternatively, are the differences seemingly inconsistent with differences in the two companies’ business operations, possibly signaling that a company is manipulating estimates?

有关公司会计政策和重大估计的信息会在财务报表附注和公司年度报告的管理层讨论与分析部分中进行描述。

Information about a company’s accounting policies and significant estimates are described in the notes to the financial statements and in the management discussion and analysis section of a company’s annual report.

如果可能，费用确认政策和估算差异造成的货币影响，有助于与单一公司的历史业绩或多家公司进行更有意义的比较。分析师可以利用这种货币影响来调整已报告的费用，使其具有可比性。

When possible, the monetary effect of differences in expense recognition policies and estimates can facilitate more meaningful comparisons with a single company’s historical performance or across a number of companies. An analyst can use the monetary effect to adjust the reported expenses so that they are on a comparable basis.

即使无法计算政策和估计差异的货币影响，通常也可以描述政策和估计的相对保守性，从而定性评估这些差异可能如何影响报告的费用，进而影响财务比率。

Even when the monetary effects of differences in policies and estimates cannot be calculated, it is generally possible to characterize the relative conservatism of the policies and estimates and, therefore, to qualitatively assess how such differences might affect reported expenses and thus financial ratios.

5.1终止经营

5.1. Discontinued Operations

当一家公司处置或制定处置其某项组成业务的计划，且不再参与该业务运营时，根据国际财务报告准则（IFRS）和美国通用会计准则（US GAAP），损益表应将该处置的影响作为“终止经营”单独列示。财务准则对单独列示该影响提供了多种标准，通常要求终止经营的组成部分在物理上和运营上都必须是可分离的。24

When a company disposes of or establishes a plan to dispose of one of its component operations and will have no further involvement in the operation, the income statement reports separately the effect of this disposal as a “discontinued” operation under both IFRS and US GAAP. Financial standards provide various criteria for reporting the effect separately, which are generally that the discontinued component must be separable both physically and operationally.24

在附录 1中，百威英博报告称，2017 年和 2016 年的终止经营业务利润分别为 2800 万美元和 4800 万美元。在附录 2中，摩森康胜报告称，2017 年和 2015 年的终止经营业务收入分别为 150 万美元和 390 万美元，而 2016 年的终止经营业务亏损为 280 万美元。

In Exhibit 1, AB InBev reported profit from discontinued operations of $28 million in 2017 and $48 million in 2016. In Exhibit 2, Molson Coors reported income from discontinued operations of $1.5 million and $3.9 million in 2017 and 2015, respectively, and a loss from discontinued operations of $2.8 million in 2016.

由于已终止经营的业务将不再为公司带来收益（或现金流），分析师在制定对公司未来财务业绩的预期时，可能会剔除已终止经营的业务。

Because the discontinued operation will no longer provide earnings (or cash flow) to the company, an analyst may eliminate discontinued operations in formulating expectations about a company’s future financial performance.

5.2不常见或罕见物品

5.2. Unusual or Infrequent Items

国际财务报告准则（IFRS）要求，对理解企业财务业绩具有重大性和/或相关性的收入或支出项目应单独披露。非常规或偶发项目通常符合这些标准。根据美国通用会计准则（US GAAP），对于2015年12月15日之后开始的报告期间发生的重大、非常规或偶发项目，虽然计入公司持续经营活动，但仍需单独列示。例如，重组费用，如工厂关闭成本和员工遣散费，被视为公司日常经营活动的一部分。再例如，公司出售资产或部分业务时产生的损益，无论售价高于还是低于账面价值，也应在利润表中单独披露。这些销售被视为日常经营活动。

IFRS require that items of income or expense that are material and/or relevant to the understanding of the entity’s financial performance should be disclosed separately. Unusual or infrequent items are likely to meet these criteria. Under US GAAP, material items that are unusual or infrequent, and that are both as of reporting periods beginning after December 15, 2015, are shown as part of a company’s continuing operations but are presented separately. For example, restructuring charges, such as costs to close plants and employee termination costs, are considered part of a company’s ordinary activities. As another example, gains and losses arising when a company sells an asset or part of a business, for more or less than its carrying value, are also disclosed separately on the income statement. These sales are considered ordinary business activities.

强调这些项目的异常或偶发性有助于分析师判断此类项目再次发生的可能性。这符合国际财务报告准则（IFRS）关于披露与理解实体财务业绩相关的项目的要求。在附录2中，Molson Coors的损益表单独列出了“特殊项目净额”一项。该公司的脚注提供了该金额的详细信息，并解释说，该项包含的收入或支出要么是他们“认为不能反映其核心业务，要么是他们认为对当前经营业绩影响重大，需要单独分类”的项目。在附录3中，达能的损益表列出了“经常性营业收入”的金额，其后单独列出了“其他营业收入（支出）”一项，该项不包含在经常性收入中。附录8摘录了达能关于这项非经常性金额的补充披露内容。

Highlighting the unusual or infrequent nature of these items assists an analyst in judging the likelihood that such items will reoccur. This meets the IFRS criteria of disclosing items that are relevant to the understanding of an entity’s financial performance. In Exhibit 2, Molson Coors’ income statement showed a separate line item for “Special Items, net.” The company’s footnotes provide details on the amount and explain that this line includes revenues or expenses that either they “do not believe to be indicative of [their] core operations, or they believe are significant to [their] current operating results warranting separate classification”. In Exhibit 3, the income statement of Danone shows an amount for “Recurring operating income” followed by a separate line item for “other operating income (expense)”, which is not included as a component of recurring income. Exhibit 8 presents an excerpt from Danone’s additional disclosure about this non-recurring amount.

在附录8中，达能详细列出了被视为“特殊”项目而非公司当前经营活动“固有”项目的项目。这些特殊项目包括资产处置收益、法律诉讼所得款项、收购整合成本以及无形资产减值等。通常，在预测未来经营状况时，分析师会评估所列项目是否可能再次发生，以及其对未来收益的潜在影响。一般来说，简单地忽略所有异常项目是不可取的。

In Exhibit 8, Danone provides details on items considered to be “exceptional” items and not “inherent” to the company’s current activities. The exceptional items include gains on asset disposals, receipts from a legal case, costs of integrating an acquisition, and impairment of intangible assets, among others. Generally, in forecasting future operations, an analyst would assess whether the items reported are likely to reoccur and also possible implications for future earnings. It is generally not advisable simply to ignore all unusual items.

5.3会计政策变更

5.3. Changes in Accounting Policies

有时，准则制定机构会发布新的准则，要求公司变更会计政策。根据准则的不同，公司可以选择采用前瞻性（未来适用）或追溯性（重新编制财务报表，如同该准则在过去已生效）。在其他情况下，会计政策的变更（例如，从一种可接受的存货计价方法变更为另一种）是出于其他原因，例如为了更好地反映公司的业绩。除非不切实际，否则 会计政策的变更通常采用追溯性应用进行报告。

At times, standard setters issue new standards that require companies to change accounting policies. Depending on the standard, companies may be permitted to adopt the standards prospectively (in the future) or retrospectively (restate financial statements as though the standard existed in the past). In other cases, changes in accounting policies (e.g., from one acceptable inventory costing method to another) are made for other reasons, such as providing a better reflection of the company’s performance. Changes in accounting policies are reported through retrospective application25 unless it is impractical to do so.

追溯应用是指公司财务报告中列示的所有会计年度的财务报表均按照新采用的会计准则编制，如同该准则已应用于整个会计期间一样。财务报表附注会描述这一变更并解释其合理性。由于会计准则的变更采用追溯应用，因此同一财务报告中的财务报表具有可比性。

Retrospective application means that the financial statements for all fiscal years shown in a company’s financial report are presented as if the newly adopted accounting principle had been used throughout the entire period. Notes to the financial statements describe the change and explain the justification for the change. Because changes in accounting principles are retrospectively applied, the financial statements that appear within a financial report are comparable.

例 5摘录了微软公司截至 2018 年 6 月 30 日财年的 10-K 表格，描述了因新的收入确认准则而导致的会计原则变更。微软选择于 2017 年 7 月 1 日采用新准则，早于规定的采用日期。微软还选择采用“完全追溯法”，该方法要求公司重述前期业绩。在其损益表中，2016 年和 2017 年的业绩均按新准则实施的情况列示。微软在其财务报表附注中披露了新准则的影响。

Example 5 presents an excerpt from Microsoft Corporation’s Form 10-K for the fiscal year ended 30 June 2018 describing a change in accounting principle resulting from the new revenue recognition standard. Microsoft elected to adopt the new standard 1 July 2017, earlier than the required adoption date. Microsoft also elected to use the “full retrospective method,” which requires companies to restate prior periods’ results. On its income statement, both 2016 and 2017 are presented as if the new standard had been used throughout both years. In the footnotes to its financial statements, Microsoft discloses the impact of the new standard.

值得注意的是，新的收入确认准则还允许公司选择采用“修正的追溯调整法”。根据修正的追溯调整法，公司无需修改之前编制的财务报表。相反，它们只需调整留存收益（以及其他适用账户）的期初余额，以反映新准则的累计影响。

Note that the new revenue recognition standard also offered companies the option of using a “modified retrospective” method of adoption. Under the modified retrospective approach, companies were not required to revise previously reported financial statements. Instead, they adjusted opening balances of retained earnings (and other applicable accounts) for the cumulative impact of the new standard.

与会计政策变更（例如是否将员工股票期权的成本计入费用）不同，公司有时会变更会计估计（例如折旧资产的使用寿命）。会计估计的变更采用未来适用法处理，变更将影响变更当期及以后期间的财务报表。不会对之前的报表进行调整，调整后的报表也不会在损益表正文中列示。重大变更应在附注中披露。附录9摘录了美国生物技术公司Catalent Inc.的年度10-K表格，其中说明了会计估计的变更。

In contrast to changes in accounting policies (such as whether to expense the cost of employee stock options), companies sometimes make changes in accounting estimates (such as the useful life of a depreciable asset). Changes in accounting estimates are handled prospectively, with the change affecting the financial statements for the period of change and future periods. No adjustments are made to prior statements, and the adjustment is not shown on the face of the income statement. Significant changes should be disclosed in the notes. Exhibit 9 provides an excerpt from the annual Form 10-K of Catalent Inc., a US-based biotechnology company, that illustrates a change in accounting estimate.

另一种可能的调整是更正前期错误（例如，更正以前年度发布的财务报表中的错误）。这不能简单地通过调整当期损益表来处理。更正前期错误需要重述当前财务报表所列示的前期财务报表（包括资产负债表、所有者权益变动表和现金流量表）。26需要对该错误进行附注披露。应仔细审查这些披露，因为它们可能揭示公司会计系统和财务控制方面的缺陷。

Another possible adjustment is a correction of an error for a prior period (e.g., in financial statements issued for an earlier year). This cannot be handled by simply adjusting the current period income statement. Correction of an error for a prior period is handled by restating the financial statements (including the balance sheet, statement of owners’ equity, and cash flow statement) for the prior periods presented in the current financial statements.26 Note disclosures are required regarding the error. These disclosures should be examined carefully because they may reveal weaknesses in the company’s accounting systems and financial controls.

5.4非运营项目

5.4. Non-Operating Items

非经营性项目通常与经营性收入分开列示，因为它们对理解企业的财务业绩具有重要性和/或相关性。根据国际财务报告准则（IFRS），经营活动没有明确定义，选择列示经营性收入或经营活动成果的公司应确保这些项目代表通常被视为经营性的活动。根据美国通用会计准则（US GAAP），经营活动通常涉及生产和交付商品以及提供服务，并包括所有未被定义为投资或筹资活动的交易和其他事项。例如，如果一家非金融服务公司投资于另一家公司发行的股权或债务证券，则出售这些证券产生的任何利息、股息或利润都将列示为非经营性收入。一般来说，对于非金融服务公司而言，在利润表（或附注）中单独披露的非经营性收入包括通过投资活动获得的收益。

Non-operating items are typically reported separately from operating income because they are material and/or relevant to the understanding of the entity’s financial performance. Under IFRS, there is no definition of operating activities, and companies that choose to report operating income or the results of operating activities should ensure that these represent activities that are normally regarded as operating. Under US GAAP, operating activities generally involve producing and delivering goods and providing services and include all transactions and other events that are not defined as investing or financing activities.27 For example, if a non-financial service company invests in equity or debt securities issued by another company, any interest, dividends, or profits from sales of these securities will be shown as non-operating income. In general, for non-financial services companies,28 non-operating income that is disclosed separately on the income statement (or in the notes) includes amounts earned through investing activities.

在损益表（或附注）的非经营性项目中，非金融服务公司还会披露其债务证券的利息支出，包括任何折价或溢价的摊销。利息支出的金额与公司的借款金额相关，通常在财务报表附注中予以说明。对于金融服务公司而言，利息收入和支出很可能属于经营活动的组成部分。（需要注意的是，损益表中将利息和股息归类为非经营性项目，与现金流量表中的分类并不一定一致。具体而言，根据国际财务报告准则（IFRS），收到的利息和股息可以在现金流量表中列为经营活动或投资活动；而根据美国通用会计准则（US GAAP），收到的利息和股息则列为经营活动现金流量。根据国际财务报告准则，支付的利息和股息可以在现金流量表中列为经营活动或筹资活动；而根据美国通用会计准则，支付的利息列为经营活动现金流量，支付的股息列为筹资活动现金流量。）

Among non-operating items on the income statement (or accompanying notes), non-financial service companies also disclose the interest expense on their debt securities, including amortisation of any discount or premium. The amount of interest expense is related to the amount of a company’s borrowings and is generally described in the notes to the financial statements. For financial service companies, interest income and expense are likely components of operating activities. (Note that the characterization of interest and dividends as non-operating items on the income statement is not necessarily consistent with the classification on the statement of cash flows. Specifically, under IFRS, interest and dividends received can be shown either as operating or as investing on the statement of cash flows, while under US GAAP interest and dividends received are shown as operating cash flows. Under IFRS, interest and dividends paid can be shown either as operating or as financing on the statement of cash flows, while under US GAAP, interest paid is shown as operating and dividends paid are shown as financing.)

实际上，公司通常会分别披露利息支出和利息收入，并提供净额。例如，在附录1中，ABN InBev 2017年的损益表显示，其财务成本为68.85亿美元，财务收入为3.78亿美元，净财务成本为65.07亿美元。同样，在附录3中，达能2017年的损益表显示，其利息收入为1.3亿欧元，利息支出为2.76亿欧元，净债务成本为1.46亿欧元。

In practice, companies often disclose the interest expense and income separately, along with a net amount. For example, in Exhibit 1, ABN InBev’s 2017 income statement shows finance cost of $6,885 million, finance income of $378 million, and net finance cost of $6,507 million. Similarly, in Exhibit 3, Danone’s 2017 income statement shows interest income of €130, interest expense of €276, and cost of net debt of €146.

为了评估公司的未来业绩，融资费用取决于公司的融资政策（目标资本结构）和借贷成本。投资收益则取决于投资活动的目的和成效。对于非金融公司而言，如果出现数额巨大的财务收益，通常需要进一步探究。公司投资其他公司证券的根本原因是什么？公司仅仅是将多余的现金投资于短期证券以获得高于现金存款的收益，还是出于战略目的（例如获取原材料供应或进行研发）而购买其他公司发行的证券？

For purposes of assessing a company’s future performance, the amount of financing expense will depend on the company’s financing policy (target capital structure) and borrowing costs. The amount of investing income will depend on the purpose and success of investing activities. For a non-financial company, a significant amount of financial income would typically warrant further exploration. What are the reasons underlying the company’s investments in the securities of other companies? Is the company simply investing excess cash in short-term securities to generate income higher than cash deposits, or is the company purchasing securities issued by other companies for strategic reasons, such as access to raw material supply or research?

6.1简单资本结构与复杂资本结构

6.1. Simple versus Complex Capital Structure

公司的资本由权益和债务构成。某些类型的权益享有优先权，而某些债务（及其他工具）可以转换为权益。根据国际财务报告准则（IFRS），每股收益（EPS）所依据的权益类型称为普通股。普通股是指次于所有其他类型权益的权益股份。普通股股东基本上是公司的所有者——在公司清算时最后获得偿付，并在公司业绩良好时获益最多。根据美国通用会计准则（US GAAP），这种普通股权益被称为普通股或普通股，这反映了美国的语言习惯。在以下讨论中，“普通股”、“普通股”和“普通股”这几个术语可以互换使用。

A company’s capital is composed of its equity and debt. Some types of equity have preference over others, and some debt (and other instruments) may be converted into equity. Under IFRS, the type of equity for which EPS is presented is referred to as ordinary. Ordinary shares are those equity shares that are subordinate to all other types of equity. The ordinary shareholders are basically the owners of the company—the equity holders who are paid last in a liquidation of the company and who benefit the most when the company does well. Under US GAAP, this ordinary equity is referred to as common stock or common shares, reflecting US language usage. The terms “ordinary shares,” “common stock,” and “common shares” are used interchangeably in the following discussion.

当一家公司发行了任何可能转换为普通股的金融工具时，就称其拥有复杂的资本结构。可能转换为普通股的金融工具包括可转换债券、可转换优先股、员工股票期权和认股权证。 31如果一家公司的资本结构不包含此类可能转换为普通股的金融工具，则称其拥有简单的资本结构。

When a company has issued any financial instruments that are potentially convertible into common stock, it is said to have a complex capital structure. Examples of financial instruments that are potentially convertible into common stock include convertible bonds, convertible preferred stock, employee stock options, and warrants.31 If a company’s capital structure does not include such potentially convertible financial instruments, it is said to have a simple capital structure.

简单资本结构与复杂资本结构的区别与每股收益 (EPS) 的计算密切相关，因为可能转换为普通股的金融工具，在转换或行权后，可能会稀释（即降低）每股收益。此类潜在稀释的信息对公司现有和潜在股东都至关重要；因此，会计准则要求公司披露，如果所有稀释性金融工具都转换为普通股，其每股收益将是多少。如果所有稀释性金融工具都转换为普通股，则产生的每股收益称为稀释后每股收益。相比之下，基本每股收益是根据母公司普通股股东可分配的已公布收益和加权平均流通股数计算得出的。

The distinction between simple versus complex capital structure is relevant to the calculation of EPS because financial instruments that are potentially convertible into common stock could, as a result of conversion or exercise, potentially dilute (i.e., decrease) EPS. Information about such a potential dilution is valuable to a company’s current and potential shareholders; therefore, accounting standards require companies to disclose what their EPS would be if all dilutive financial instruments were converted into common stock. The EPS that would result if all dilutive financial instruments were converted is called diluted EPS. In contrast, basic EPS is calculated using the reported earnings available to common shareholders of the parent company and the weighted average number of shares outstanding.

公司必须报告基本每股收益 (EPS) 和稀释每股收益 (EPS)，以及持续经营业务的每股收益。附录 10显示了百威英博在其损益表底部（见附录 1 ）报告的每股收益。该公司 2017 年的基本每股收益（“稀释前”）为 4.06 美元，稀释每股收益（“稀释后”）为 3.98 美元。此外，与百威英博的损益表将持续经营业务的收入与总收入分开列示的方式相同，持续经营业务的每股收益也与总每股收益分开列示。2017 年，持续经营业务的基本每股收益和稀释每股收益分别为 4.04 美元和 3.96 美元。从所有指标来看，百威英博 2017 年的每股收益均远高于 2016 年。分析师会试图了解每股收益变化背后的原因，我们将在解释基本每股收益和稀释每股收益的计算方法之后探讨这一主题。

Companies are required to report both basic and diluted EPS as well as amounts for continuing operations. Exhibit 10 shows the per share amounts reported by AB InBev at the bottom of its income statement that was presented in Exhibit 1. The company’s basic EPS (“before dilution”) was $4.06, and diluted EPS (“after dilution”) was $3.98 for 2017. In addition, in the same way that AB InBev’s income statement shows income from continuing operations separately from total income, EPS from continuing operations is also shown separately from total EPS. For 2017, the basic and diluted EPS from continuing operations were $4.04 and $3.96, respectively. Across all measures, AB InBev’s EPS was much higher in 2017 than in 2016. An analyst would seek to understand the causes underlying the changes in EPS, a topic we will address following an explanation of the calculations of both basic and diluted EPS.

6.2 . 基本 EPS

6.2. Basic EPS

基本每股收益（EPS）是指普通股股东可分配的净利润除以某一时期内已发行普通股的加权平均数。普通股股东可分配的净利润是指在支付优先股股息（如有）后剩余的净利润。因此，基本每股收益的计算公式为：

Basic EPS is the amount of income available to common shareholders divided by the weighted average number of common shares outstanding over a period. The amount of income available to common shareholders is the amount of net income remaining after preferred dividends (if any) have been paid. Thus, the formula to calculate basic EPS is:

公式（1） 

Equation (1) 

流通股加权平均数是普通股流通股数量的加权平均值。例如，假设一家公司年初流通在外的普通股为2,000,000股，并在7月1日回购了100,000股普通股。则流通股加权平均数为2,000,000股×半年 + 1,900,000股×半年，即1,950,000股。因此，该公司在计算其基本每股收益（EPS）时，将使用1,950,000股作为流通股加权平均数。

The weighted average number of shares outstanding is a time weighting of common shares outstanding. For example, assume a company began the year with 2,000,000 common shares outstanding and repurchased 100,000 common shares on 1 July. The weighted average number of common shares outstanding would be the sum of 2,000,000 shares × 1/2 year + 1,900,000 shares × 1/2 year, or 1,950,000 shares. So the company would use 1,950,000 shares as the weighted average number of shares in calculating its basic EPS.

如果由于股票股利或股票分割导致普通股股数增加，则每股收益的计算会追溯反映该变化至期初。

If the number of shares of common stock increases as a result of a stock dividend or a stock split, the EPS calculation reflects the change retroactively to the beginning of the period.

例6、7和8说明了基本 EPS的计算方法。

Examples 6, 7, and 8 illustrate the computation of basic EPS.

6.3 . 稀释后每股收益

6.3. Diluted EPS

如果一家公司的资本结构简单（即不包含任何可能稀释股权的金融工具），那么其基本每股收益等于其稀释每股收益。但是，如果一家公司拥有可能稀释股权的金融工具，其稀释每股收益可能与基本每股收益不同。根据定义，稀释每股收益始终等于或小于基本每股收益。以下各节将描述三种可能稀释股权的金融工具对稀释每股收益的影响：可转换优先股、可转换债券和员工股票期权。最后一节将解释为什么并非所有可能稀释股权的金融工具都会导致基本每股收益和稀释每股收益之间出现差异。

If a company has a simple capital structure (in other words, one that includes no potentially dilutive financial instruments), then its basic EPS is equal to its diluted EPS. However, if a company has potentially dilutive financial instruments, its diluted EPS may differ from its basic EPS. Diluted EPS, by definition, is always equal to or less than basic EPS. The sections below describe the effects of three types of potentially dilutive financial instruments on diluted EPS: convertible preferred, convertible debt, and employee stock options. The final section explains why not all potentially dilutive financial instruments actually result in a difference between basic and diluted EPS.

6.4每股收益变化

6.4. Changes in EPS

在解释了基本每股收益和稀释每股收益的计算方法之后，我们回到对每股收益变化的分析。如上所述，百威英博持续经营业务的完全稀释每股收益从2016年的0.68美元增至2017年的3.96美元。一般来说，每股收益的增长源于净利润的增长、流通股数量的减少，或两者兼而有之。百威英博在其财务报表附注（未列出）中披露，2017年基本每股收益和完全稀释每股收益的加权平均流通股数量均高于2016年。因此，对于百威英博而言，2016年至2017年每股收益的增长主要由净利润的增长所驱动。分子和分母的变化从算术上解释了每股收益的变化。要了解这些变化背后的业务驱动因素，还需要进一步的研究。下一节将介绍分析师可以用来突出需要进一步研究领域的分析工具。

Having explained the calculations of both basic and diluted EPS, we return to an examination of changes in EPS. As noted above, AB InBev’s fully diluted EPS from continuing operations increased from $0.68 in 2016 to $3.96 in 2017. In general, an increase in EPS results from an increase in net income, a decrease in the number of shares outstanding, or a combination of both. In the notes to its financial statements (not shown), AB InBev discloses that the weighted average number of shares for both the basic and fully-diluted calculations was greater in 2017 than in 2016. Thus, for AB InBev, the improvement in EPS from 2016 to 2017 was driven by an increase in net income. Changes in the numerator and denominator explain the changes in EPS arithmetically. To understand the business drivers of those changes requires further research. The next section presents analytical tools that an analyst can use to highlight areas for further examination.

7.1损益表的共同比分析

7.1. Common-Size Analysis of the Income Statement

可以通过将损益表中的每一项都表示为收入的百分比来进行损益表通用比例分析。 33通用比例报表有助于跨时间段（时间序列分析）和跨公司（横截面分析）进行比较，因为每项的标准化消除了规模的影响。

Common-size analysis of the income statement can be performed by stating each line item on the income statement as a percentage of revenue.33 Common-size statements facilitate comparison across time periods (time series analysis) and across companies (cross-sectional analysis) because the standardization of each line item removes the effect of size.

例如，图表 15的 A 部分列出了同一行业中三家假设公司的损益表。A 公司和 B 公司的销售额均为 1000 万美元，规模（按销售额衡量）大于 C 公司（销售额仅为 200 万美元）。此外，A 公司和 B 公司的营业利润也更高，分别为 200 万美元和 150 万美元，而 C 公司的营业利润仅为 40 万美元。

To illustrate, Panel A of Exhibit 15 presents an income statement for three hypothetical companies in the same industry. Company A and Company B, each with $10 million in sales, are larger (as measured by sales) than Company C, which has only $2 million in sales. In addition, Companies A and B both have higher operating profit: $2 million and $1.5 million, respectively, compared with Company C’s operating profit of only $400,000.

分析师如何才能有效地比较这些公司的业绩？通过编制通用格式的损益表（如表B所示），分析师可以清楚地看到，C公司的费用和利润占销售额的百分比与A公司完全相同。此外，虽然C公司的营业利润绝对值低于B公司，但其百分比更高（C公司为20%，而B公司仅为15%）。每100美元的销售额，C公司比B公司多产生5美元的营业利润。换句话说，根据这一指标，C公司的相对盈利能力高于B公司。

How can an analyst meaningfully compare the performance of these companies? By preparing a common-size income statement, as illustrated in Panel B, an analyst can readily see that the percentages of Company C’s expenses and profit relative to its sales are exactly the same as for Company A. Furthermore, although Company C’s operating profit is lower than Company B’s in absolute dollars, it is higher in percentage terms (20 percent for Company C compared with only 15 percent for Company B). For each $100 of sales, Company C generates $5 more operating profit than Company B. In other words, Company C is relatively more profitable than Company B based on this measure.

通用格式的损益表也突显了公司战略的差异。比较两家规模较大的公司，A公司的毛利润率（占销售额的百分比）明显高于B公司（70% 对 25%）。鉴于两家公司都在同一行业运营，为什么A公司的毛利润能高出这么多？一个可能的解释是比较两家公司的运营费用。A公司在研发和广告方面的投入远高于B公司。研发投入通常会带来技术更先进的产品，而广告投入则会提升品牌知名度。因此，基于这些差异，A公司很可能销售技术更先进、品牌形象更好的产品。B公司可能以更低的价格销售产品（毛利润率较低），但通过不投资研发或广告来节省成本。实际上，公司之间的差异可能更为微妙，但概念是类似的。分析师如果发现显著差异，会进行更深入的研究，试图了解造成这些差异的根本原因及其对公司未来业绩的影响。

The common-size income statement also highlights differences in companies’ strategies. Comparing the two larger companies, Company A reports significantly higher gross profit as a percentage of sales than does Company B (70 percent compared with 25 percent). Given that both companies operate in the same industry, why can Company A generate so much higher gross profit? One possible explanation is found by comparing the operating expenses of the two companies. Company A spends significantly more on research and development and on advertising than Company B. Expenditures on research and development likely result in products with superior technology. Expenditures on advertising likely result in greater brand awareness. So, based on these differences, it is likely that Company A is selling technologically superior products with a better brand image. Company B may be selling its products more cheaply (with a lower gross profit as a percentage of sales) but saving money by not investing in research and development or advertising. In practice, differences across companies are more subtle, but the concept is similar. An analyst, noting significant differences, would do more research and seek to understand the underlying reasons for the differences and their implications for the future performance of the companies.

对于大多数费用而言，与销售额进行比较是合适的。然而，对于税项，将税额与税前利润进行比较更有意义。分析师可以利用附注披露来探究实际税率差异的原因。为了预测公司未来的净利润，分析师会预测公司的税前利润，并应用一个部分基于历史税率确定的预估实际税率。

For most expenses, comparison to the amount of sales is appropriate. However, in the case of taxes, it is more meaningful to compare the amount of taxes with the amount of pretax income. Using note disclosure, an analyst can then examine the causes for differences in effective tax rates. To project the companies’ future net income, an analyst would project the companies’ pretax income and apply an estimated effective tax rate determined in part by the historical tax rates.

对损益表进行纵向通用比例分析在横截面分析中尤为有用——它可以用于比较特定时间段内各公司的业绩，或将公司与行业或板块数据进行比较。分析师可以选择个别同业公司进行比较，使用公开来源的行业数据，或基于选定的同业公司或更广泛的行业数据，从数据库中汇总数据。例如，图表 16展示了使用 2017 年数据，根据标普 500 指数成分股公司按标普/MSCI 全球行业分类系统 (GICS) 的 10 个板块分类后，汇总的损益表中位数通用比例数据。需要注意的是，在汇总此类数据时，必须进行一定程度的汇总，并且可能不如同业公司财务报表那样详细。可以将单个公司的业绩与行业或同业公司数据进行比较，以评估其相对表现。

Vertical common-size analysis of the income statement is particularly useful in cross-sectional analysis—comparing companies with each other for a particular time period or comparing a company with industry or sector data. The analyst could select individual peer companies for comparison, use industry data from published sources, or compile data from databases based on a selection of peer companies or broader industry data. For example, Exhibit 16 presents median common-size income statement data compiled for the components of the S&P 500 classified into the 10 S&P/MSCI Global Industrial Classification System (GICS) sectors using 2017 data. Note that when compiling aggregate data such as this, some level of aggregation is necessary and less detail may be available than from peer company financial statements. The performance of an individual company can be compared with industry or peer company data to evaluate its relative performance.

7.2损益表比率

7.2. Income Statement Ratios

财务业绩的一个方面是盈利能力。盈利能力的一个指标是净利润率，也称为利润率或销售回报率，其计算方法为净收入除以收入（或销售额）。34

One aspect of financial performance is profitability. One indicator of profitability is net profit margin, also known as profit margin and return on sales, which is calculated as net income divided by revenue (or sales).34

净利润率衡量的是公司每收入一美元所能产生的利润。净利润率越高，表明盈利能力越强，因此也越理想。净利润率也可以直接在通用格式的损益表中找到。

Net profit margin measures the amount of income that a company was able to generate for each dollar of revenue. A higher level of net profit margin indicates higher profitability and is thus more desirable. Net profit margin can also be found directly on the common-size income statements.

2017年，百威英博（AB InBev）持续经营业务的净利润率为16.2%（计算方法为：持续经营业务利润91.55亿美元除以营收564.44亿美元）。为了更好地理解这一比率，需要进行一些比较。百威英博的盈利能力可以与其他公司或自身以往的业绩进行比较。与往年相比，百威英博的盈利能力高于2016年，但低于2015年。2016年，百威英博持续经营业务的净利润率为6.0%，而2015年为22.9%。

For AB InBev, net profit margin based on continuing operations for 2017 was 16.2 percent (calculated as profit from continuing operations of $9,155 million, divided by revenue of $56,444 million). To judge this ratio, some comparison is needed. AB InBev’s profitability can be compared with that of another company or with its own previous performance. Compared with previous years, AB InBev’s profitability is higher than in 2016 but lower than 2015. In 2016, net profit margin based on continuing operations was 6.0 percent, and in 2015, it was 22.9 percent.

衡量盈利能力的另一个指标是毛利率。毛利润（毛利率）的计算方法是收入减去销售成本，而毛利率的计算方法是毛利润除以收入。

Another measure of profitability is the gross profit margin. Gross profit (gross margin) is calculated as revenue minus cost of goods sold, and the gross profit margin is calculated as the gross profit divided by revenue.

毛利率衡量的是公司每1美元收入所产生的毛利润。较高的毛利率意味着更高的盈利能力，因此通常更受欢迎。然而，不同公司毛利率的差异反映了公司战略的不同。例如，假设一家公司采取差异化产品战略（例如，基于品牌、质量、先进技术或专利保护而实现差异化的产品）。该公司很可能能够以高于类似但无差异化产品的价格出售差异化产品，因此其毛利率也可能高于销售无差异化产品的公司。尽管销售差异化产品的公司毛利率可能更高，但这需要时间。在战略初期，公司可能需要投入成本来打造差异化产品，例如广告或研发费用，这些成本不会反映在毛利率的计算中。

The gross profit margin measures the amount of gross profit that a company generated for each dollar of revenue. A higher level of gross profit margin indicates higher profitability and thus is generally more desirable, although differences in gross profit margins across companies reflect differences in companies’ strategies. For example, consider a company pursuing a strategy of selling a differentiated product (e.g., a product differentiated based on brand name, quality, superior technology, or patent protection). The company would likely be able to sell the differentiated product at a higher price than a similar, but undifferentiated, product and, therefore, would likely show a higher gross profit margin than a company selling an undifferentiated product. Although a company selling a differentiated product would likely show a higher gross profit margin, this may take time. In the initial stage of the strategy, the company would likely incur costs to create a differentiated product, such as advertising or research and development, which would not be reflected in the gross margin calculation.

百威英博2017年的毛利润（见附录1）为350.58亿美元，2016年为277.15亿美元，2015年为264.67亿美元。以毛利润占收入的百分比表示，2017年的毛利率为62.1%，2016年为60.9%，2015年为60.7%。从绝对值来看，百威英博2016年的毛利润高于2015年。然而，2016年的毛利率却低于2015年。

AB InBev’s gross profit (shown in Exhibit 1) was $35,058 million in 2017, $27,715 million in 2016, and $26,467 million in 2015. Expressing gross profit as a percentage of revenues, we see that the gross profit margin was 62.1 percent in 2017, 60.9 percent in 2016, and 60.7 percent in 2015. In absolute terms, AB InBev’s gross profit was higher in 2016 than in 2015. However, AB InBev’s gross profit margin was lower in 2016 than in 2015.

图表 17列出了百威英博的通用格式损益表，并重点展示了一些盈利能力比率。上文提到的净利润率和毛利率只是通用格式损益表中众多小计中的两个。分析师使用的其他“利润率”还包括营业利润率（营业利润除以收入）和税前利润率（税前利润除以收入）。

Exhibit 17 presents a common-size income statement for AB InBev, and highlights certain profitability ratios. The net profit margin and gross profit margin described above are just two of the many subtotals that can be generated from common-size income statements. Other “margins” used by analysts include the operating profit margin (profit from operations divided by revenue) and the pretax margin (profit before tax divided by revenue).

盈利能力比率和通用格式损益表能够快速揭示公司业绩的变化。例如，百威英博2016年盈利能力的下降并非由毛利率下降所致。事实上，2016年的毛利率略高于2015年。该公司2016年盈利能力的下降部分原因是运营费用增加，尤其是财务成本大幅上升。财务成本的增加源于2016年与SABMiller的合并。此次收购价值超过1000亿美元，是历史上规模最大的收购案之一。百威英博与SABMiller的合并也解释了公司营收从约450亿美元增长到超过560亿美元的现象。因此，盈利能力比率和通用格式损益表有助于分析师了解他们可能希望进一步研究的领域。

The profitability ratios and the common-size income statement yield quick insights about changes in a company’s performance. For example, AB InBev’s decrease in profitability in 2016 was not driven by a decrease in gross profit margin. Gross profit margin in 2016 was actually slightly higher than in 2015. The company’s decrease in profitability in 2016 was driven in part by higher operating expenses and, in particular, by a significant increase in finance costs. The increased finance costs resulted from the 2016 merger with SABMiller. Valued at more than $100 billion, the acquisition was one of the largest in history. The combination of AB InBev and SABMiller also explains the increase in revenue from around $45 billion to over $56 billion. The profitability ratios and the common-size income statement thus serve to highlight areas about which an analyst might wish to gain further understanding.